Economy of China

e. The latter has been sometimes blamed for China's huge trade surplus (US$262.7 billion in 2007) and has become a major source of dispute between China and its major trading partners—the US, EU, and Japan—despite the yuan having been de-pegged and having risen in value by 20% against the US dollar since 2005. China is moreover widely criticised for manufacturing large quantities of counterfeit goods—in 2005, the Asia Business Council alleged that the counterfeiting industry accounted for 8% of China's GDP at the time.

The state still dominates in strategic "pillar" industries (such as energy and heavy industries), but private enterprise (composed of around 30 million private businesses) has expanded enormously; in 2005, it accounted for anywhere between 33% to 70% of national GDP, while the OECD estimate for that year was over 50% of China's national output, up from 1% in 1978. The Shanghai Stock Exchange has raised record amounts of IPOs, and its benchmark Shanghai Composite index has doubled since 2005. SSE's market capitalization reached US$3 trillion in 2007, making it the world's fifth-largest stock exchange.

China now ranks 29th in the Global Competitiveness Index, although it is only ranked 135th among the 179 countries measured in the Index of Economic Freedom. 46 Chinese companies made the list in the 2010 Fortune Global 500 (Beijing alone with 30). Measured using market capitalization, four of the world's top ten most valuable companies are Chinese. Some of these include first-ranked PetroChina, third-ranked Industrial and Commercial Bank of China (the world's most valuable bank), fifth-ranked China Mobile (the world's most valuable telecommunications company) and seventh-ranked China Construction Bank.

China's middle-class population (defined as those with annual income of at least US$17,000) has reached more than 100 million as of 2011, while the number of super-rich individuals worth more than 10 million yuan (US$1.5