Publisher Summary This chapter discusses China's economics. China's gross domestic product (GDP) has increased over 9% annually, from US$44.2B in1978 to US$1.98T in 2004. China's real GDP growth rose with an average 8% per year from 2005–2009. Modern Government of China is encouraging industrialization. China's accession to the world trade organization (WTO) was announced on 10 November 2001 in Doha. In 1999, China's foreign trade, including Hong Kong, totaled US$36B, making it the fourth largest trading nation in the world. China's foreign trade grew about 15% to US$590B in 2002. China currently administers a complex system of non-tariff trade barriers, which include individual quotas on imports of machinery, electronic equipment, and general goods. In 1992, the United States and China signed a Memorandum of Understanding (MOU) on Market Access that commits China to dismantle most of its trade barriers and gradually open its markets to U.S. exports. As a direct result of the Market Access MOU, China removed over 1,000 quotas and licenses on a wide range of key U.S. exports such as telecommunications, digital switching equipment, computers, and medical equipment.