Chinese Economy
Imports and ExportsChina is the worlds most successful country when it comes to exports, and the second most successful when it comes to imports. In 2011, China was the largest exporting and importing partner for 32 to 34 countries. There have been controversies between China and the rest of the world when it comes to imbalances in trade. For example, the United States has the highest trade deficit with China compared to the rest of the world, at $315 billion. This amount is more than three times the size it was a decade ago.
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CurrencyThe Chines dollar has several names, those of which is most common is the Yuan 元 which means Dollar and is abbreviated CNY (Chinese Yuan). You will commonly hear people say "kuai", pronounced kwai, which is a more local word for Yuan and still means dollar. You can write CNY 1000 or RMB 1000 and both refer to 1000 Chinese dollars, there is no difference. To further confuse you there are two names for 1/10th of a Chinese dollar. It can be called one "mao" or "jiao". Both refer to the same thing. 1/10 of a dollar.
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AgricultureAgriculture is a huge and crucial industry in China. This industry employs over 300 million farmers who rank China first in worldwide farm output. They primarily produce rice, wheat, potatoes, tomatoes, peanuts, teas, millet, barley, cotton, oil seeds, and soybeans. Since the 1970's, China has become a more market-oriented system meaning they're one that plays a major global role. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment.
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