The People's Republic of China, commonly known as China, is one of the most populous countries in the world, with over 1.3 billion people. Located in East Asia along the coastline of the Pacific Ocean, China is one of the largest countries in the world by land area. The capital of China is Beijing, and the official language is Mandarin Chinese.
The official currency of China is the renminbi (yuan) (CNY), and it is held in a floating exchange-rate system. It used to be managed primarily against the United States dollar (USD). Since 2005, the renminbi has been referenced to a basket of foreign currencies. On 1 October 2016, the renminbi was added into the International Monetary Fund’s (IMF’s) Special Drawing Rights (SDR) basket.
For centuries, China stood as a leading civilisation, outpacing the rest of the world in technology, arts, and sciences. After World War II, the Communists, under Mao Zedong, established a socialist system. After 1978, Mao's successor, Deng Xiaoping, and other leaders focused on market-oriented economic development, and China began to generate significant and steady growth in investment, consumption, and standards of living.
Since then, China has generally implemented reforms in a gradual fashion. As its role in world trade has steadily grown, its importance to the international economy has also increased apace. As of today, China is the world's fastest-growing major economy, with an average annual growth rate of 10% for the past 30 years. China is also the largest trading nation in the world and the largest exporter and second largest importer of goods. A milestone was achieved in mid-2010 when China's economy was valued at USD 1.33 trillion and became the world's second largest economy, surpassing Japan and second only to that of the United States. There is a prediction that China could become the world's largest economy as early as 2030.
China's growth comes from both huge state investments in infrastructure and heavy industries as well as private sector expansion in light industries.
Exports had been China's major economic driver, but since the 2008 global financial crisis, which seriously affected the international markets of China export products, the Chinese government shifted the focus to stimulate investment and consumption in domestic markets.
PwC China, Hong Kong, Macau, Taiwan, and Singapore work together on a collaborative basis, subject to local applicable laws. Collectively, we have around 800 partners and strength of around 20,000 people.
We provide organisations with the professional service they need, wherever they may be located. Our highly qualified, experienced professionals listen to different points of view to help organisations solve their business issues and identify and maximise the opportunities they seek. Our industry specialisation allows us to help co-create solutions with our clients for their sector of interest.
We are located in these cities: Beijing, Shanghai, Hong Kong, Shenyang, Dalian, Tianjin, Qingdao, Nanjing, Ningbo, Suzhou, Hangzhou, Wuhan, Changsha, Xi’an, Chengdu, Chongqing, Xiamen, Guangzhou, Shenzhen, Jinan, Macau, Taipei, Chungli, Hsinchu, Taichung, Tainan, Kaohsiung, and Singapore.