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The economy of China

Despite China's size, the wealth of its resources, and the fact that more than 20 percent of the world's population lives within its borders, its role in the world economy traditionally has been relatively small.

The Chinese economy has been in a state of transition since the late 1970s as the country moved away from a Soviet-type economic system. Agriculture has been decollectivized, the small nonagricultural private sector has grown rapidly, and government priorities have shifted toward light, rather than heavy industry. Nevertheless, some factors continue to constrain growth. Available energy is sufficient to run less than 80 percent of installed industrial capacity, the transport system is inadequate to move sufficient quantities of such critical items as coal, the communications system cannot meet the needs of a centrally planned economy of China's size and complexity.

China is the world's largest producer of rice and is among the principal sources of wheat, corn (maize), tobacco, soybeans, peanuts, and cotton. The country is one of the world's largest produces of a number of industrial and mineral products – including cotton cloth, cotton yarn, coal, crude oil, and a number of other products. Its mineral resources are probably among the richest in the world but are only partially developed. Although China has acquired some highly sophisticated production facilities through trade with Western countries (the United States, Canada, France, Australia) – and also has built a number of advanced engineering plants capable of manufacturing nuclear weapons and Earth satellites – most of its industrial output still comes from relatively backward and ill-equipped factories. The technological level and quality standards of its industry as a whole are still fairly low.

Other major problems concern the labour force and the pricing system. There is large – scale underemployment in both urban and rural areas, and the fear of the disruptive effects of major unemployment is strong. The prices of key commodities, especially of industrial raw materials and major industrial products, are determined by the state. China's increasing contact with the international economy and its growing efforts to use market forces to govern the domestic allocation of goods have exacerbated (intensified) this problem.

The development of industry has been given considerable attention by the government. Overall industrial output has grown at a rate of more than 10 percent per year, and China's industrial work force probably exceeds the combined total for all other developing countries. Industry has surpassed all other sectors in economic growth and degree of modernization. Among the various industrial branches the metallurgical and machine – building industries have received the highest priority. These two branches alone now account for about one-third of the total gross value of industrial output.

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The principal preoccupation of authorities in the chemical industry is to expand the output of chemical fertilizers, plastics and synthetic fibres. The growth of this industry has placed China among the world's leading producers of nitrogenous fertilizers. In the consumer goods sector the main emphasis is on textiles and clothing, which also form an important part of China's exports. Textiles, a rapidly growing proportion of which consists of synthetics, account for about 15 percent of the gross industrial output. The industry tends to be scattered throughout the country, but there are a number of important centers, including Shanghai, Canton, and Harbin.

Energy production has increased rapidly, but it still falls considerably short of demand. This is partly due to artificial energy prices. Coal provides about 70 percent of China's energy consumption. Petroleum production has basically remained at the same level since the late 1970s. China has much hydroelectric power potential and natural gas reserves. The government has made plans to develop nuclear power plants in the Shanghai and Canton regions.

Vocabulary

despite – несмотря на

transition period – переходный период shift toward – зд. меняться в сторону to constrain – сдерживать

sufficient – достаточный

industrial capacity – производственная мощность communication – средство связи

principle – зд. главный, основной wheat – пшеница

corn – кукуруза cotton – хлопок

crude oil – сырая нефть, нефть-сырец partially – частично

advanced – зд. передовой (более современный, рентабельный) out put – выпуск

fertilizer – удобрение

consumer goods – потребительские товары gross – валовой

to increase – повышать

power station – тепловая электростанция nuclear power plant – атомная электростанция to acquire – приобретать (зд. перенимать)

to concern – зд. затрагивать, касаться disruptive – разрушительный commodity – товар

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I. Make the correct form of the verb in brackets, using Present or Past Simple, Passive Voice

1.The Chinese economy (to be) in a state of transition since the late 1970s.

2.Some factors (to continue) to constrain an economic growth.

3.China's mineral resources (to be) only partially developed.

4.China (to acquire) some production facilities through trade with Western countries.

5.At present China (to build) nuclear weapons and Earth satellites.

6.Most of China's industrial out-put still (to come) from its backward and ill-equipped factories.

7.The technological level and quality standards of China's industry (to be) fairly low.

8.China's major problems (to concern) the labour force and the pricing system.

9.The development of industry (to give) considerable attention by the government.

10.China's industrial work force (to exceed) the combined total for all other developing countries.

II. Insert the prepositions if necessary

1.The Chinese economy has moved away … a Soviet-type economic system.

2.China is … the principal sources of wheat, corn, soybeans and cotton.

3.China got some production facilities … trade … western countries.

4.The country's plants are capable…manufacturing Earth Satellites.

5.The prices…key commodities are determined…the state.

6.China continues to increase its contacts…the international economy.

7.Overall industrial output has grown…a rate… more than 10 percent…year.

8.These new branches account…about one-third…the total gross value…industrial output.

9.The main emphasis in the consumer goods sector is…textiles and clothing.

10.Energy production still falls considerably short…demand.

III. Complete the sentences

1.The Chinese economy… .

2.China is the world's largest producer of… .

3.China's mineral resources are… .

4.Most of China's industrial out-put comes from… .

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5.China's major problems concern… .

6.The development of industry… .

7.The metallurgical and machine-building industries… .

8.The principal preoccupation of authorities in the chemical industry is… .

9.The important part of China's export is… .

10.Most important industrial sectors are located in… .

11.The production of energy in China… .

12.Coal provides about… .

13.Petroleum production is… .

14.China has much potential in… .

15.The government plans to develop… .

IV. Say whether these statements are true or false

1.China is a developing country.

2.China is rich in gold and diamonds.

3.Coal mines are located close to China's major ports.

4.The most important resources are timber and oil.

5.Large quantaties of coal are the reasons for the growth of textile and clothing industries.

6.Having found rich deposits of iron and ore, China was capable of manufacturing nuclear weapons.

7.China is the world's largest producer of rice.

8.The China's economic growth depends on the world economy.

9.The government pays little attention to the development of industry.

10.China's industrial work force makes up the combined total for all other developing countries.

11.The industry of China is scattered throughout the country. 12.China does not have much hydroelectric power potential.

V. Answer the questions

1.What is China's economy based on?

2.Where are textiles and clothing exported to?

3.What industries of China are known in the world?

4.What are the biggest ports of China?

5.What are the most important mineral resources in China?

6.Does China depend on other industrial powers of the world? In what way?

7.Is light or heavy industry more developed in China?

8.What branches of industry receive the highest priority?