China's economy in 2002-2006

China plays a huge role in the global economy and in the world. It is the world's largest and most populous country, with a 1315.2 million population in 2006.
In order to describe the economic development of the country I am going to consider the most important economical factors like GDP and Inflation.
GDP – the gross domestic product is one of the primary indicators used to gauge the health of a country's economy. It represents the total value of all goods and services produced over a specific time period.
In figure 1.1 and 1.2 we can see that the GDP of China is growing from year to year. That is why the economy is developing and from 2002 till 2006 GDP has increased by 46%. It became almost double bigger, what means that the country was developing during those years rapidly, produce and sell a lot of goods. For example car sales have risen by ~30%, mobile phones and other electronics 20-40%.
However, as I mentioned before the population of China is very big that is why if we divide GDP by all population, the GDP per capita will be not the best comparing with other well-developed countries.
2002
2003
2004
2005
2006
GDP (US$ bn)
1454
1647.9
1936.5
2278.3
2676.3
Real GDP growth (%)
9.10%
10.00%
10.10%
10.20%
10.50%
Source: Key indicators from the case
In figure 1.2 it is shown real GDP, which measures the output of final goods and services produced, and incomes earned at constant prices in China.
Figure 1.2 Real GDP growth (%) in China 2002-2006
Source: Key indicators from the case
Inflation – is the other important economical factor, which shows the rise in the general level of prices of goods and services in a given economy over a period of time. Because rising prices reduce the buying power of money, inflation can also be defined as a decline in the value of money. From the table above we...

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