In 2020, 129 of the largest companies in the Fortune Global 500 were headquartered in China.Three of the 10 largest stock exchanges in the world, Shanghai, Hong Kong, and Shenzhen, are located in China.Four of the world's top 10 most competitive financial centres, Shanghai, Hong Kong, Beijing, and Shenzhen, belong to the People’s Republic of China.Since the Chinese government began its economic reforms in 1978, China has been the fastest growing major economy globally with growth rates averaging 10 percent over 30 years.In 2020, China ranked as the world’s largest labour force with 778 million workers, having the unemployment rate estimated at 4 percent.Import products are plastics, metal ores, organic chemicals, oil and mineral fuels and medical equipment.Export products include textiles, steel, iron, medical equipment, data processing, electrical goods and other machinery.The People’s Republic of China is the largest manufacturer and exporter of goods, while ranking as the second largest importer of goods in the world.It is forecasted that the People’s Republic of China will become the largest economy by nominal GDP in the world by 2028.In 2020, China was the second largest national economy by nominal GDP, with the country’s GDP being estimated at over US$14 trillion.The People’s Republic of China has a market-oriented economy, with the service sector accounting for almost 52 percent of the total gross domestic product (GDP).The notes of China’s currency are issued by China's central bank, the People's Bank of China (PBOC), in 10 denominations: ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50 and ¥100. One yuan (Chinese: 元) is divided into ten jiao (Chinese: 角) and one jiao can be further divided into 10 fen (Chinese: 分). The RMB acts as one of the most-held reserve currencies in the world, while being the eighth most-traded currency globally. Markets located in Hong Kong that trade the Chinese currency at free-floating rates use another unofficial code - CNH. The renminbi, introduced in 1948, is abbreviated as RMB but it is not an official currency code. As it is shared with the Japanese yen (JPY), CN¥ is sometimes used to distinguish the Chinese yuan renminbi from the yen. The term ‘renminbi’ refers to the name of the currency while ‘yuan’ refers to the basic unit of the Chinese currency. The Chinese yuan renminbi (simplified Chinese: 人民币), or CNY, which means ‘people's currency’, is the official currency of the People's Republic of China.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |