China: The New Economic Superpower
China is the world’s fastest-growing major economy, with average growth rates of 10% for the past 30 years. China is also the largest exporter and second largest importer of goods in the world. In the last two years, while most countries were experiencing rapid economic down spirals, China’s economy grew tremendously.
The property sector is a pillar of the Chinese economy, accounting for about 10% of gross domestic product. Through high demand and continued price growth, China surpassed the U.S. as the world’s largest real estate investment market back in 2009. According to statistics from China’s National Development and Reform Commission, from January 2010 to November 2010, China’s investment on real estate reached 4.27 trillion yuan, or $647.3 billion, up 36.5% compared to the same period in 2009. In addition, inbound foreign direct investment into China surpassed $100 billion for the first time, and investment overseas by Chinese companies in non-financial sectors totaled $59 billion in 2010.