chief of mission: Ambassador ZHOU Wenzhong
chancery: 2300 Connecticut Avenue NW, Washington, DC 20008
telephone: [1] (202) 328-2500
FAX: [1] (202) 328-2582
consulate(s) general: Chicago, Houston, Los Angeles, New York, San
Francisco

Diplomatic representation from the US:

chief of mission: Ambassador Clark T. RANDT, Jr.
embassy: 55 An Jia Lou Lu, 100600 Beijing
mailing address: PSC 461, Box 50, FPO AP 96521-0002
telephone: [86] (10) 8531-3000
FAX: [86] (10) 8531-3300
consulate(s) general: Chengdu, Guangzhou, Hong Kong and Macau,
Shanghai, Shenyang

Flag description:

red with a large yellow five-pointed star and four smaller yellow
five-pointed stars (arranged in a vertical arc toward the middle of
the flag) in the upper hoist-side corner

Economy
China

Economy - overview:

China's economy during the last quarter century has changed from a
centrally planned system that was largely closed to international
trade to a more market-oriented economy that has a rapidly growing
private sector and is a major player in the global economy. Reforms
started in the late 1970s with the phasing out of collectivized
agriculture, and expanded to include the gradual liberalization of
prices, fiscal decentralization, increased autonomy for state
enterprises, the foundation of a diversified banking system, the
development of stock markets, the rapid growth of the non-state
sector, and the opening to foreign trade and investment. China has
generally implemented reforms in a gradualist or piecemeal fashion,
including the sale of minority shares in four of China's largest
state banks to foreign investors and refinements in foreign exchange
and bond markets in 2005. After keeping its currency tightly linked
to the US dollar for years, China in July 2005 revalued its currency
by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. Cumulative appreciation of
the renminbi against the US dollar since the end of the dollar peg
reached 15% in January 2008. The restructuring of the economy and
resulting efficiency gains have contributed to a more than tenfold
increase in GDP since 1978. Measured on a purchasing power parity
(PPP) basis, China in 2007 stood as the second-largest economy in
the world after the US, although in per capita terms the country is
still lower middle-income. Annual inflows of foreign direct
investment in 2007 rose to $75 billion. By the end of 2007,