Today, China is the world's second largest economy, making up 16% of $86 trillion global GDP in nominal . We also have partner firms assisting foreign investors in The Philippines, Malaysia, Thailand, Bangladesh. Get this delivered to your inbox, and more info about our products and services. 2.3% annual rate of change (2015-20 est. The Chinese economy grew by a seasonally adjusted 1.3 percent on quarter in the three months to March 2022, surpassing market estimates of 0.6 percent and following a marginally revised 1.5 percent advance in the previous quarter. The trade surplus expanded by 14.2 percent to reach RMB 2.07 trillion (US$287 billion). All Rights Reserved. It offered no explanation for missing the expected data drop. A panel of experts polled by AFP last week predicted average growth of 3% in 2022 - a long way off the 8.1% seen in 2021. (US$331.5 billion), while imports grew just 1.3 percent. There have also been significant improvements in access to health, education, and other services over the same period. businesses establish, maintain, ), 20.2% of total installed capacity (2016 est. China watchers were, er, watching. A PMI reading over 50 indicates growth or expansion of the manufacturing sector. The weak October trade figures highlight the challenge for policymakers in China as exports had been one of the few bright spots for the struggling economy. Industrial production data a measure of activity in the manufacturing, mining, and utility sectors showed a steep increase in September from a year earlier. In terms of high-tech manufacturing, investments increased by 28.8 percent in the production of electronic and communication equipment and 26.50 percent in the production of medical equipment, measuring instruments, and meters. 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Comparing the third quarter of 2022 to the second, the real economy has made some progress. The stimulus measures build on the assistance programs for businesses affected by the epidemic and work to stimulate investment and guarantee the availability of essential resources. Chinas largest trade partner in the third quarter of 2022 remained the ASEAN region, which accounted for 15.1 percent of all imports and exports between January and September. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. Hes tired of people following him on the LVMH aircraft. Chart: 70 Years of China's Economic Growth. In October 2022, however, indicators have been pointing to a more positive turn of events. Data is a real-time snapshot *Data is delayed at least 15 minutes. Moreover, following the conclusion of the 20th National Congress of the CPC, Chinas top economic planner, the National Development and Reform Commission (NDRC), along with five other ministries, issued. The Nikkei 225. The shape of the population pyramid gradually evolves over time based on fertility, mortality, and international migration trends. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - Economic Calendar. On the other hand, real estate development, investment, and sales saw the largest contraction, with commercial housing sales dropping 26.3 percent from the previous year to RMB 9,938.0 billion (US$1,378.3 billion). The US is Chinas largest export market and third-largest trade partner. Another entity hoping it can elude eyes is China. The South Korean government has highlighted the slowing trade with China among the top risks for the national economy to be addressed promptly. This significant increase in infrastructure spending coincided with a massive. including the most recent legal, tax and accounting changes that affect your business. Specifically, investment in manufacturing increased by 10.1 percent, and that in infrastructure increased by 8.6 percent. Investors worry Xi's increased authoritythe removal of his predecessor from the Party Congress Oct. 22 was breathtakingmakes business in China risky. Mechanical and electrical products accounted for 56.8 percent of all exports in the period from January to September 2022, increasing 10.04 percent from the same period in 2021. Nevertheless, cumulative trade data for the past three quarters show signs of continuous growth. Among them, exports of automatic data processing equipment and components increased by 1.9 percent to reach RMB 1.18 trillion (US$163.65 billion), while exports of mobile phones increased 7.8 percent to RMB 672.25 billion (US$93.23 billion) and exports of automobiles grew 67.1 percent to RMB 259.84 billion (US$36.03 billion). Dezan Shira & Associates has offices in Vietnam, Indonesia, Singapore, United States, Germany, Italy, India, and Russia, in addition to our trade research facilities along the Belt & Road Initiative. Update, Oct. 24, 2022: China released its IIIQ economic data today, nearly one week late. The postponement comes as officials from China's ruling Communist Party gather in Beijing for . Total imports and exports of goods in September reached RMB 3.81 trillion (US$560.77 billion), a year-on-year increase of 8.3 percent. Producer Prices Index: Economic Activities: Industrial Activities: Total for China (People's Republic Of) Not Seasonally Adjusted. Beijings efforts, however,have been hampered by continued COVID-19 restrictions, a worsening real estate crisis, and the risk of a global recession. China's exports showed a surprise contraction last month, official data showed on Monday, as Covid-19 restrictions and softening global demand weighed heavily. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. China continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. The country also imported the largest amount from ASEAN, reaching RMB 1.97 trillion (US$218 billion). Premier Li Keqiang said China's economy generally recovered and stabilised in the third quarter, but that . China's leadership reshuffle puts greater weight on relations with the U.S. China names Xi Jinping loyalists for core leadership group, China shuffles leadership committee and retains many Xi allies, Sanctions on Russia aluminum may send ripple effects through global supply chains, China, 'factory of the world,' is losing its manufacturing dominance, Is it time to invest in China's internet giants? Chinas trade surplus with this region has also expanded by 93.4 percent during this time, reaching RMB 753.6 billion (US$104.5 billion). Overall, throughout the first three quarters of 2022, retail sales grew by just 0.7 percent year-on-year. However, analyses suggest that the trend was partially a reflection of the fluctuation in numbers between June and September, influenced by the macroeconomic conditions and the resurgence of COVID-19 cases. On the other hand, your company isnt China. The value added of the secondary industry was RMB 35,018.9 billion up by 3.9 percent. China's GDP grew 3.9% in Q3, outperforming the expected 3.4% and significantly better than the 0.4% growth in Q2. Retail sales growth slipped to 2.5 percent (3 percent below predictions). Other sectors have not been as high performing. In 1978when China started the program of economic reformsthe country ranked ninth in nominal gross domestic product (GDP) with USD 214 billion; 35 years later it jumped up to second place with a nominal GDP of USD 9.2 trillion. A population pyramid illustrates the age and sex structure of a country's population and may provide insights about political and social stability, as well as economic development. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor education . Exports fell 0.3% year-on-year in . The share of high value-added industries such as biotech rose to 30.3% in September, up from 29.9% the previous month. According to official data released on October 24, 2022, by the National Bureau of Statistics (NBS), the worlds second-largest economys gross domestic product (GDP) increased by 3.9 percent in the July-September quarter compared to the same period last year, exceeding the 3.4 percent pace predicted by some previous analyses and picking up speed from the 0.4 percent growth recorded in the second quarter. Nevertheless, cumulative trade data for the past three quarters show signs of continuous growth. China said Monday it will delay the release of economic growth figures, as the country's leadership gathers for a major meeting set to hand President Xi Jinping a historic third term in office. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. The hope is location information will offer clues about what the companies and its CEOs are doing. View Factbook for China, Economic Data, Research, Advisory, Forecasting exclusive survey of global business confidence. Check economic calendar events in real time on Bloomberg and see the global financial market impact by country and importance with previous, forecast and actual figures. Although the third quarters GDP growth rate increased by 3.4 percentage points over the second quarters, the initial growth objective of 5.5 percent by the end of the year still seems too far from the actual situation. Industrial production rose 6.3 percent between January and September. Most of the time, bad news remains hidden for just so long. In the west, at least, media coverage concentrated on the missing data. China - was last updated on Sunday, November 6, 2022. One consequence of Chinas population control policy known as the one-child policy - which was relaxed in 2016 to permit all families to have two children - is that China is now one of the most rapidly aging countries in the world. Posted 744.6 Million Yuan Net Profit in 2021, Shenzhen H&T Intelligent Control Co.,Ltd.s Net Profit Rose 47.6% in 2021. That would bode well for China's economic outlook . unveiled in August in the wake of a worsening real estate crisis and prolonged electricity shortages brought on by a severe drought. This calendar provides events for 196 countries including data releases for 300.000 economic indicators, actual values, consensus figures and proprietary forecasts. When Xi Jinping began his first term as the President of China in 2013, the country's economy and markets were on the rise, and their future looked as bright as ever. In October 2022, however, indicators have been pointing to a more positive turn of events. Chinese leaders also have undermined some market-oriented reforms by reaffirming the dominant role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. Moreover, following the conclusion of the 20th National Congress of the CPC, Chinas top economic planner, the National Development and Reform Commission (NDRC), along with five other ministries, issued 15 new measures to ease the implementation of foreign-invested projects. South Korea is Chinas fourth largest trade partner, accounting for 5.8 percent of total imports and exports. ), -0.4 migrant(s)/1,000 population (2017 est. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar roughly 7% from end-of-2016 to end-of-2017. 2022 CNBC LLC. Oct 28, 2022. Looking at consumption patterns, sales of products reached RMB 28,905.5 billion (US$4,008.9 billion), an increase of 1.3 percent from 2021. Skip Navigation. Inbound trade has essentially Continue reading on Economy.com By Marie Brockling. ), 5.194 trillion cu m (1 January 2017 est. China GDP beats with a bounce in the third quarter, delayed data shows. China's economy likely continued to weaken across the board in October with little signs of bottoming out. China Indicators - was last updated on Wednesday, October 26, 2022. Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam, extremely diverse; tropical in south to subarctic in north, mostly mountains, high plateaus, deserts in west; plains, deltas, and hills in east, highest point: Mount Everest 8,848 m (highest peak in Asia and highest point on earth above sea level), coal, iron ore, petroleum, natural gas, mercury, tin, tungsten, antimony, manganese, molybdenum, vanadium, magnetite, aluminum, lead, zinc, rare earth elements, uranium, hydropower potential (world's largest), arable land, arable land 11.3%; permanent crops 1.6%; permanent pasture 41.8%, overwhelming majority of the population is found in the eastern half of the country; the west, with its vast mountainous and desert areas, remains sparsely populated; though ranked first in the world in total population, overall density is less than that of many other countries in Asia and Europe; high population density is found along the Yangtze and Yellow River valleys, the Xi Jiang River delta, the Sichuan Basin (around Chengdu), in and around Beijing, and the industrial area around Shenyang, frequent typhoons (about five per year along southern and eastern coasts); damaging floods; tsunamis; earthquakes; droughts; land subsidence, air pollution (greenhouse gases, sulfur dioxide particulates) from reliance on coal produces acid rain; China is the world's largest single emitter of carbon dioxide from the burning of fossil fuels; water shortages, particularly in the north; water pollution from untreated wastes; coastal destruction due to land reclamation, industrial development, and aquaculture; deforestation and habitat destruction; poor land management leads to soil erosion, landslides, floods, droughts, dust storms and desertification; trade in endangered species, world's fourth largest country (after Russia, Canada, and US) and largest country situated entirely in Asia; Mount Everest on the border with Nepal is the world's tallest peak above sea level, Han Chinese 91.6%, Zhuang 1.3%, other (includes Hui, Manchu, Uighur, Miao, Yi, Tujia, Tibetan, Mongol, Dong, Buyei, Yao, Bai, Korean, Hani, Li, Kazakh, Dai, and other nationalities) 7.1%, Standard 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 entry), Buddhist 18.2%, Christian 5.1%, Muslim 1.8%, folk religion 21.9%, Hindu < 0.1%, Jewish < 0.1%, other 0.7% (includes Daoist (Taoist)), unaffiliated 52.2%, data do not include Hong Kong, Macau, and Taiwan (2015 est. China. The slight acceleration in economic growth in 2017the first such uptick since 2010gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015. world leader in gross value of agricultural output; rice, wheat, potatoes, corn, tobacco, peanuts, tea, apples, cotton, pork, mutton, eggs; fish, shrimp, world leader in gross value of industrial output; mining and ore processing, iron, steel, aluminum, and other metals, coal; machine building; armaments; textiles and apparel; petroleum; cement; chemicals; fertilizer; consumer products (including footwear, toys, and electronics); food processing; transportation equipment, including automobiles, railcars and locomotives, ships, aircraft; telecommunications equipment, commercial space launch vehicles, satellites, electrical and other machinery, including computers and telecommunications equipment, apparel, furniture, textiles, US 18.2%, Hong Kong 13.8%, Japan 6.1%, South Korea 4.5% (2016), electrical and other machinery, including integrated circuits and other computer components, oil and mineral fuels; optical and medical equipment, metal ores, motor vehicles; soybeans, South Korea 10%, Japan 9.2%, US 8.5%, Germany 5.4%, Australia 4.4% (2016), 64% of total installed capacity (2016 est. ), 13.7% of total installed capacity (2016 est. The tussle between Chinas imports and exports continues, with the trade balance increasing only a teeny-tiny bit to $85.15 billion in October. Year-on-year growth in retail sales made a shaky comeback in the third quarter, declining slightly to 2.7 percent in July before increasing to 5.4 percent in August and declining once more to 2.5 percent in September. China's economy grew by 0.4 per cent in the second quarter of 2022 compared with a year earlier, data released on Friday . Chinas economy recovered at a faster-than-anticipated pace in the third quarter. Online retail sales of physical goods increased by 15.6 percent, 4.7 percent, and 5.2 percent, respectively, for food, clothing, and consumer goods. The population is distributed along the horizontal axis, with males shown on the left and females on the right. Doing Business in China 2022 is designed to introduce the fundamentals of investing in China. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. The growth of imports remained slow, reflecting weak domestic demand, increasing 7.4 percent year-on-year to reach RMB 1.62 trillion (US$238.01 billion), just a slight increase from August. China is now an upper-middle-income country. Value-added output of industrial enterprises over a designated size (those with an annual main business income of RMB 20 million (US$2.9 million) and above grew by 3.9 percent year-on-year, 0.5 percentage points faster compared to the first half of the year. Electricity, heat, gas, and water production and supply grew 5.6 percent. 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. Update, Oct. 24, 2022:China released its IIIQ economic data today, nearly one week late. Oct. 17, 2022. Further, government policies also focus on guiding foreign investment into important sectors like advanced manufacturing, high-end technology, energy conservation, and modern services. The Hang Seng index in Hong Kong rose 1.08% and the Hang Seng Tech index gained 1.33%. This drastic drop in catering sales is mainly due to the measures adopted by the Zero-COVID and dynamic clearing policy, which has particularly impacted this sector. Value-added output of industrial enterprises over a designated size (those with an annual main business income of RMB 20 million (US$2.9 million) and above grew by 3.9 percent year-on-year, 0.5 percentage points faster compared to the first half of the year. A set of key economic data to be released Monday will be closely studied for signs that . The package included fresh financing totaling more than RMB 1 trillion (US$146 billion) to promote investment and consumption as well as greater freedom for local governments to support the real estate sector. Cover Story: The Dilemma of Chinas Power Market Restructuring, In Depth: Mild Inflation Hasnt Stopped Chinese Consumers Feeling Squeezed, China Must Boost Demand and Deepen Supply-Side Reform, Liu He Says, Investment in Chinas New Economy Sectors Shrinks, Caixin Index Shows, China Steel Exports Plunge for Fourth Straight Month, Chinas Fiscal Revenue Buoyed by Nontax Income Spike, Beijing Calls for Local Governments to Facilitate Entry for Foreign Business Executives, Chinese Cities Cut Mortgage Rates for First-Time Buyers After Rules Eased, Hong Kong Chief Pledges More Housing to Ease Shortages, China Delays Release of Third-Quarter GDP Figures Indefinitely, Chinese Local Governments, SOEs Buy Housing in Latest Salve for Embattled Property Market, Chinese Local Governments Sell More Bonds for Infrastructure Stimulus, Exclusive: China Revives Lending Tool to Stimulate Infrastructure Investment, No Relief for Chinas Ailing Housing Market, Caixin China New Economy Index Climbs on Income and Job Growth, In Depth: Export Slowdown Reveals Cracks in One of Chinas Economic Pillars, China Allows Cities to Further Cut Mortgage Rates Amid Housing Slump, China Announces Tax Breaks to Kick Start Personal Pensions Market, Beijings $7 Billion Sale of Land-Use Rights Attracts Only One Private Developer, China Rolls Out Subsidies for the Needy Amid Rising Inflation, Suzhou Hengmingda Electronic Technology Co.,Ltd.s Net Profit Dropped 71.6% in 2021, Guangdong Tonze Electric Co.,Ltd. , the bilateral deficit was partly caused by Chinas COVID-19 regulations, but also Seouls need for a long-term plan to gradually transform the way in which commerce between the two nations is structured. to ease the implementation of foreign-invested projects. This affords Beijing much wiggle room. After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. Got a confidential news tip? The worlds second-largest economy is reeling. Goldman Sachs says China is still 'months away' from reopening, China's exports shrink in October, badly missing expectations for growth, Here's what we know about the rebound in Chinese stocks this week, Barclays cuts China GDP outlook after forecasting U.S., Europe recession, China's Covid controls are pushing companies to diversify away from a 'start-stop economy', Major banks are bullish on Hong Kong's economy and China growth prospects, Xpeng electric car deliveries drop in October to half of Nio's, China's economy could rebound soon, but longer-term growth will be 'deeply challenging', India, China to see biggest jump in real salary next year, report shows, China's factory activity drops, bogged down by more Covid controls, China tech giants' push into U.S., Europe sets them up in clash with Amazon, As U.S. tightens the screws on China's chip industry, funds are still betting on it, American companies increasingly look outside of China after Covid, Foxconn's iPhone factory in China the world's largest hit by Covid outbreak, Investor fears about Xi's new leadership team 'may be misguided', Why China won't bail out its real estate sector, China GDP beats with a bounce in the third quarter, delayed data shows. Exports to South Korea grew 16.5 percent, while imports merely grew 0.6 percent. inventory of registered aircraft operated by air carriers: annual passenger traffic on registered air carriers: annual freight traffic on registered air carriers: 124,000 km 1.435-m gauge (80,000 km electrified); 102,000 traditional, 22,000 high-speed (2017), 4,046,300 km (includes 123,500 km of expressways), bulk carrier 1,069, container ship 198, general cargo 697, oil tanker 480, other 1,843 (2017), Dalian, Ningbo, Qingdao, Qinhuangdao, Shanghai, Shenzhen, Tianjin, Dalian (9,591,000), Guangzhou (17,097,000), Ningbo (20,636,000), Qingdao (17,323,000), Shanghai (36,516,000), Shenzhen (24,142,000), Tianjin (13,881,000)(2015), Fujian, Guangdong, Jiangsu, Shandong, Shanghai, Tangshan, Zhejiang, 317,098 (Vietnam); undetermined (North Korea) (2016), China is a source, transit, and destination country for men, women, and children subjected to sex trafficking and forced labor; Chinese adults and children are forced into prostitution and various forms of forced labor, including begging and working in brick kilns, coal mines, and factories; women and children are recruited from rural areas and taken to urban centers for sexual exploitation, often lured by criminal syndicates or gangs with fraudulent job offers; state-sponsored forced labor, where detainees work for up to four years often with no remuneration, continues to be a serious concern; Chinese men, women, and children also may be subjected to conditions of sex trafficking and forced labor worldwide, particularly in overseas Chinese communities; women and children are trafficked to China from neighboring countries, as well as Africa and the Americas, for forced labor and prostitution, Tier 2 Watch List - China does not fully comply with the minimum standards for the elimination of trafficking; however, it is making significant efforts to do so; official data for 2014 states that 194 alleged traffickers were arrested and at least 35 were convicted, but the governments conflation of human trafficking with other crimes makes it difficult to assess law enforcement efforts to investigate and to prosecute trafficking offenses according to international law; despite reports of complicity, no government officials were investigated, prosecuted, or convicted for their roles in trafficking offenses; authorities did not adequately protect victims and did not provide the data needed to ascertain the number of victims identified or assisted or the services provided; the National Peoples Congress ratified a decision to abolish reform through labor in 2013, but some continued to operate as state-sponsored drug detention or custody and education centers that force inmates to perform manual labor; some North Korean refugees continued to be forcibly repatriated as illegal economic migrants, despite reports that some were trafficking victims (2015), Non-residential - Commercial & Retail - Vacancy, Nominal Fixed Investment (gross fixed capital formation), Real Fixed Investment (gross fixed capital formation), Asia-Pacific Daily Briefing: Trade Figures Highlight China's Challenges, Asia-Pacific Weekly Highlights and Preview: China's October Trade and Inflation Figures In Focus, Emerging Market View: Dont be Fooled by Resilience. China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political . German Chancellor Olaf Scholz will arrive in China on Friday with a team of corporate leaders and a clear signal: it wants to keep doing business with the world's second largest economy. A combination of falling property values and pandemic-related shutdowns are the leading culprits. Growth rate same period previous year, Monthly Jan 1999 to Jun 2022 (Sep 14) Index 2015=100, Annual 1990 to 2015 (Sep 14) Growth rate same period previous year, Quarterly Q1 1999 to Q2 2022 (Sep 14) Since the early 1990s, China has increased its global outreach and participation in international organizations. China's zero-Covid exit economic 'road map' urged, premier eyes fourth quarter. This significant increase in infrastructure spending coincided with a massive central government stimulus: the State Council granted the nations policy banks an additional RMB 800 billion (US$120 billion) quota for lending to infrastructure projects in early June, in an effort to support the economy. On the other hand, real estate development, investment, and sales saw the largest contraction, with commercial housing sales dropping 26.3 percent from the previous year to RMB 9,938.0 billion (US$1,378.3 billion). From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. Mon, Oct 24th 2022. In South Korea, export growth will remain . residency requirement for naturalization: while naturalization is theoretically possible, in practical terms it is extremely difficult; residency is required but not specified, President XI Jinping (since 14 March 2013); Vice President WANG Quishan (since 17 March 2018), Premier LI Keqiang (since 16 March 2013); Executive Vice Premiers HAN Zheng (since 19 March 2018), SUN Chunlan (since 19 March 2018), LIU He (since 19 March 2018), HU Chunhua (since 19 March 2018), State Council appointed by National People's Congress, president and vice president indirectly elected by National People's Congress for a 5-year term (unlimited terms); election last held on 17 March 2018 (next to be held in March 2023); premier nominated by president, confirmed by National People's Congress, XI Jinping reelected president; National People's Congress vote - 2,970 (unanimously); WANG Quishan elected vice president with 2,969 votes, unicameral National People's Congress or Quanguo Renmin Daibiao Dahui (maximum of 3,000 seats; members indirectly elected by municipal, regional, and provincial people's congresses, and the People's Liberation Army; members serve 5-year terms); note - in practice, only members of the Chinese Communist Party (CCP), its 8 allied parties, and CCP-approved independent candidates are elected, last held in December 2012-February 2013 (next to be held in late 2017 to early 2018), percent of vote - NA; seats by party - NA, Supreme People's Court (consists of over 340 judges including the chief justice, 13 grand justices organized into a civil committee and tribunals for civil, economic, administrative, complaint and appeal, and communication and transportation cases); note - in late December 2016, the third, fourth, fifth, and sixth circuit courts of the Supreme People's Court began operation, chief justice appointed by the People's National Congress (NPC); limited to 2 consecutive 5-year-terms; other justices and judges nominated by the chief justice and appointed by the Standing Committee of the NPC; term of other justices and judges determined by the NPC, Higher People's Courts; Intermediate People's Courts; District and County People's Courts; Autonomous Region People's Courts; Special People's Courts for military, maritime, transportation, and forestry issues, in late 2014, China unveiled planned judicial reforms, China has 8 nominally independent small parties controlled by the CCP, Ambassador CUI Tiankai (since 3 April 2013), 3505 International Place NW, Washington, DC 20008, Chicago, Houston, Los Angeles, New York, San Francisco, Ambassador Terry BRANSTAD (since 12 July 2017), Chengdu, Guangzhou, Shanghai, Shenyang, Wuhan, "Yiyongjun Jinxingqu" (The March of the Volunteers), adopted 1949; the anthem, though banned during the Cultural Revolution, is more commonly known as "Zhongguo Guoge" (Chinese National Song); it was originally the theme song to the 1935 Chinese movie, "Sons and Daughters in a Time of Storm", because China's exchange rate is determined by fiat rather than by market forces, the official exchange rate measure of GDP is not an accurate measure of China's output; GDP at the official exchange rate substantially understates the actual level of China's output vis-a-vis the rest of the world; in China's situation, GDP at purchasing power parity provides the best measure for comparing output across countries, by the end of 2012, China's population at working age (15-64 years) was 1.004 billion (2017 est. 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