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The Setting: Economic

The Setting: Economic. Mythbusters Trivia. China’s currency is the…? a) Yen b) Renminbi c) Yuan d) Both b and c. What is China’s currency?. Answer: d) both b and c China’s currency is called the Renminbi or Yuan.

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The Setting: Economic

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  1. The Setting: Economic

  2. Mythbusters Trivia China’s currency is the…? a) Yen b) Renminbi c) Yuan d) Both b and c

  3. What is China’s currency? Answer: d) both b and c • China’s currency is called the Renminbi or Yuan. • Since February 2009, the Yuan has been appreciating versus the Canadian dollar. • The current exchange rate is _____ CAD/CNY.

  4. China: An Economic Powerhouse • GDP (exchange rate based) • - $4.758 trillion -> 3rd highest in the world after the • EU and US • GDP per capita • - $6,500 ->127th in the world • - increasing trend: $6,100 in 2008 and $5,600 in 2007 • GDP real growth rate • - 8.4% ->5th highest in the world • - decreasing trend: 9% in 2008 and 13% in 2007

  5. GDP and Labour Force by Sector

  6. Labour Force & Unemployment • Labour Force • 812.7 million people • largest labour force in the world! • Unemployment Rate • 4.3% (2009 est.) • increased from 4.2% in 2008 • Note: data are for urban areas only; including migrants may boost total unemployment to 9% since high unemployment in rural areas.

  7. Exports/Imports • Exports - $1.194 trillion • Imports - $921.5 billion • 2nd largest exporter in world • electrical & other machinery, data processing equipment, apparel, textiles, iron & steel, optical & medical equipment • 4th largest importer in world • electrical & other machinery, oil & mineral fuels, optical & medical equipment, metal ores, plastics, organic chemicals

  8. Mythbusters Trivia China is one of the…? a) SAARC countries b) Emergers c) Four Asian Tigers d) BRIC countries

  9. China is one of the…? Answer: d) BRIC countries • Term “BRIC” invented by Goldman Sachs in 2001 to refer to the rapidly-developing, emerging economies of Brazil, Russia, India and China. • Given their population and geographic size, the BRICs may become the world’s dominant economies by 2050. • The BRICs have been seeking to form an “alliance” - they held their first summit on June 16, 2009.

  10. Why China? China is the 3rd largest economy in theworld after the EU and the US – why? • - largest labour force in world • - increased foreign trade and investment • - large investment in education and technology • - urbanization • - economic reforms since the 1970s…

  11. Economic Reforms • Since the 1970s: - Change from centrally planned systemto market oriented system • - Phased out collectivized agriculture • - Gradual liberalization of prices • - Fiscal decentralization • - Increased autonomy for state enterprises • - Foundation of a diversified banking system • - Development of stock markets • - Rapid growth of the non-state sector • - Policies allowing foreign trade and investment

  12. The Result… • Largest reduction of poverty ever seen in history • One of the fastest increases in income levels ever seen • Average economic growth of over 9.5% for the past 26 years • Is it sustainable?

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