the setting: economic. mythbusters trivia china’s currency is the…? a) yen b) renminbi c) yuan...
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Setting Parties HRM System
Work System
Lessons for
Canada
Questions
The Setting: Economic
Setting Parties HRM System
Work System
Lessons for
Canada
Questions
Mythbusters Trivia
China’s currency is the…?
a) Yen
b) Renminbi
c) Yuan
d) Both b and c
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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.
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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
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GDP and Labour Force by Sector
Sector Agriculture Services Industry
GDP 10.9% 40.5% 48.6%
Labour Force
39.5% 33.2% 27.2%
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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.
Labour Force & Unemployment
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Exports/ImportsExports - $1.194 trillion• 2nd largest exporter in world• electrical & other machinery, data processing equipment, apparel, textiles, iron & steel, optical & medical equipment
Imports - $921.5 billion• 4th largest importer in world• electrical & other machinery, oil & mineral fuels, optical & medical equipment, metal ores, plastics, organic chemicals
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Mythbusters Trivia
China is one of the…?
a) SAARC countries
b) Emergers
c) Four Asian Tigers
d) BRIC countries
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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.
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Why China?China is the 3rd largest economy in the world after
the EU andthe US – why?
- - largest labour force in world
- - increased foreign trade and investment
- - large investment in education and technology
- - urbanization
- - economic reforms since the 1970s…
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Economic ReformsSince the 1970s:
- Change from centrally planned system to 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
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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?