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Last Updated 17/12/2024
Expanding to China? Don’t let tax problems slow your business growth down. Our local tax experts across China are here to offer personalised advice that will keep you compliant and growing. Get in touch now to get started!
China, a populous country in East Asia, is known for its rich history and rapid economic growth. Its currency, the renminbi, is part of the International Monetary Fund’s Special Drawing Rights basket. Over the years, China has shifted from focusing on exports to investing in domestic markets.
China, also known as the People’s Republic of China, is home to over 1.3 billion people, making it one of the most populous nations. It’s found along the Pacific Ocean coastline in East Asia and has a vast land area. Beijing is its capital, and Mandarin Chinese is the official language.
The renminbi (yuan) is China’s official currency and has a floating exchange rate. Previously tied to the US dollar, it’s now linked to a mix of foreign currencies. In 2016, the renminbi became part of the International Monetary Fund’s Special Drawing Rights basket
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Historically, China was a world leader in technology, arts, and sciences.
After World War II, Mao Zedong established a socialist system, followed by market-oriented economic development under Deng Xiaoping. Since then, China has experienced significant growth in various sectors.
China’s economy is now the world’s second-largest, behind the United States. This growth is driven by state investments in infrastructure and heavy industries, as well as private sector expansion in lighter industries.
While exports used to be China’s primary economic driver, the 2008 financial crisis led to a shift in focus towards domestic markets.
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