China is Silent Giant Economy

Last 10 years until 2003, the Shanghai Stock Exchange (SSE) A share index has returned 348%, the Hong Kong Stock Exchange (HSX) has returned 240%, the China Fund, Inc. (CHN) has returned 245%, and the Greater China Fund has returned 363%. China is the world's second largest economy on a purchasing power parity basis and is driven by a population of 1.3 billion people. The Chinese economy has shown resilience in the wake fo the Sichuan earthquake,
even as the State Council called for a 5% cut in government spending to create funding for reconstruction. Government and private business losses from the quake are estimated at a total of 9.5 billion dollars, and the government's spending cut will help finance a 10 billion dollar fund for rebuilding.

China enjoys a household savings rate of more than 40 percent, one of the highest in the world. As incomes rise, newly empowered consumers represent an enormous market potential.

For example, about 4 million mobile phones are sold in China each month, the world's biggest market with nearly 250 million subscribers. That's just 16 percent of the population and sales in the last two years have increased 17 percent.

In the last ten years, $400 billion to $500 billion in foreign direct investment has flowed into the country, more than the rest of Asia combined. The inflow of foreign investment brings with it new business practices, which inject vitality to the old economic system. Since 1993, labor productivity has increased four fold.

Foreign firms account for 65 percent of China's three-fold increase in exports in the last ten years. China's exports to the U.S. have increased from 3 percent to 12 percent in the last 12 years, putting China on a par with the UK.

China's December 2001 accession into the World Trade Organization (WTO) is expediting economic reforms and expected to contribute 1 to 2 percent of gross domestic product (GDP) each year.

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