ChinaChapters
For centuries China stood as a leading civilization, outpacing the rest of the world in the arts and sciences, but in the 19th and early 20th centuries, the country was beset by civil unrest, major famines, military defeats, and foreign occupation. After World War II, the Communist Party of China under MAO Zedong established an autocratic socialist system that, while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. After 1978, MAO's successor DENG Xiaoping and other leaders focused on market-oriented economic development and by 2000 output had quadrupled. For much of the population, living standards have improved dramatically but political controls remain tight. Since the early 1990s, China has increased its global outreach and participation in international organizations.
Source: The CIA World Factbook - China
Key indicators
- Area
- 9,596,960 km2
- Population
- 1,397,897,720 (July 2021 est.)
- Government type
- communist party-led state
- Languages
- communist party-led stateStandard Chinese or Mandarin (official; Putonghua, based on the Beijing dialect), Yue (Cantonese), Wu (Shanghainese), Minbei (Fuzhou), Minnan (Hokkien-Taiwanese), Xiang, Gan, Hakka dialects, minority languages (see Ethnic groups e
- GDP
- $14.723 trillion (2020 est.)
- Growth rate
- 2.3% (2020 est.)
- HDI
- 85
- Capital
- Beijing
Macroeconomic indicators
Growth is set to soften somewhat in 2018-19, as exports ease and investment slows. The current account surplus is projected to stabilise. Infrastructure investment, a major growth driver in recent years, is projected to slow further amid tightening monetary conditions and a more rigorous approval process for local government investment.
The monetary policy stance will remain neutral with a tightening bias, as mitigating financial risks has appropriately become a key policy priority. Shadow banking activities are increasingly being reined in and credit growth is slowing, while capital outflows moderated in early 2018 following a surge and the exchange rate has stabilised. Fiscal policy will remain supportive, but less so than in recent years as unauthorised local government investment is subject to increased scrutiny, which will strengthen fiscal sustainability. A series of new tax cuts have been announced, but the headline fiscal deficit will be kept under control by streamlining government organisations to contain public spending. Imminent risks stemming from trade frictions have receded, but the large number of unresolved issues will keep tensions high.
Source: OECD - Economic Forecast
IMF Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
8.450 |
2.989 |
5.240 |
4.642 |
4.086 |
|
Gross domestic product, current prices Percent change (Billions) |
17,759.307 |
17,848.540 |
17,662.041 |
18,532.633 |
19,790.074 |
|
Gross domestic product per capita, current prices Percent change (Units) |
12,572.071 |
12,642.847 |
12,513.871 |
13,136.482 |
14,037.338 |
|
Inflation, average consumer prices Percent change (Units) |
0.918 |
1.975 |
0.228 |
0.970 |
1.993 |
|
Volume of imports of goods and services Percent change (Units) |
10.452 |
-2.639 |
3.001 |
4.429 |
1.588 |
|
Volume of exports of goods and services Percent change (Units) |
18.517 |
-0.166 |
-0.319 |
2.518 |
2.000 |
|
Unemployment rate Percent change (Units) |
5.100 |
5.500 |
5.200 |
5.100 |
5.100 |
|
Current account balance Percent change (Billions) |
352.886 |
401.855 |
264.200 |
235.710 |
275.509 |
|
Current account balance Percent change (Units) |
1.987 |
2.251 |
1.496 |
1.272 |
1.392 |
Estimates
Source: IMF Statistics
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 12.03.1994 (Memorial 1995, A no.45, p.1234)
- Effective as of 01.01.1996 (Memorial 1995, A no.45, p.1234)
Air Services agreement
- Agreement from 28.09.1979 (Memorial 1980, A, p. 966 )
- Effective as of 14.08.1981 (Memorial 1981, A, p. 1910)
- New Agreement from 18.11.2002
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in China
Embassy of the Grand Duchy of Luxembourg in China
Ambassador with residence in Beijing: Mr Roland Reiland
Embassy of the Grand Duchy of Luxembourg
Unit 1701, Tower B, Pacific Century Place,
2A Gong Ti Bei Lu, Chaoyang District,
Beijing 100027
People's Republic of China
Tel.: (+86 10) 8588 0900
Fax:(+86 10) 6513 7268
Mobile : (+86) 138 1106 5430
E-Mail: roland.reiland@mae.etat.lu
Website: pekin.mae.lu - www.gouvernement.lu - www.luxembourg.lu
Consul General
Consul General with jurisdiction over the Municipality of Shanghai and the Provinces of Jiangsu, Zhejiang, Anhui, and Fujian:
Ms Tania Berchem
907-908, No. 1788 Nanjing Xi Lu
200040 Shanghai
People's Republic of China
Tel.: (+86 21) 63390400
Fax: (+86 21) 63390433
E-Mail: tania.berchem@mae.etat.lu
Website: shanghai.mae.lu - investinluxembourg-china.com - maee.gouvernement.lu - luxembourg.public.lu
Honorary Consuls
Honorary Consul over jurisdiction over Hong-Kong:
Ms Sophie LEUNG
13th floor Queen's Centre
58-64 Queen's Road East
Wanchai
Hong Kong
Tel.: (+852) 3621 0979
E-Mail: conluxhk@gmail.com
Luxembourg Trade and Investment Office in Shanghai
Executive Director: Ms Tania Berchem
907-908, No. 1788 Nanjing Xi Lu
200040 Shanghai
People's Republic of China
Tel.: (+86 21) 63 39 04 00
Fax: (+86 21) 63 39 04 33
E-Mail: shanghai.cg@mae.etat.lu
Website: Investinluxembourg-china.com
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for China
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for China
Luxembourg for Business market entry guide to China: Market entry guides are brochure series published by the Ministry of the Economy and Foreign. The series focuses on worldwide markets, industries and business environments, providing comprehensive and in-depth analysis and guidelines. The brochures cover all aspects relating to a market entry including the economic, financial and legal frameworks. The brochures are a vast knowledge pool, compiled into a practice oriented document with many tips and important addresses.
Other useful information
- CIA World factbook on China
- EU SME Centre
- Benelux chamber of commerce in China
- China-Luxembourg relations
- Doing Business in China
- Das ist China
- La Chine sur le site de l'AWEX
- Belgium-Luxembourg Chamber of Commerce in Hong Kong