China's Economy

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China's Economy by Mind Map: China's Economy

1. GDP

1.1. 6.8%

1.1.1. Estimated to drop to around 5.5% in 2020 as of Feb 10th. Has decreased from 7.8% in Jan 2013. This decline is due to china trying to srink its manufacturing sector and expand its consumer services without increasing unemployment.

2. Unemployment Rate

2.1. 4.05 %

2.1.1. As of fourth quarter 2015, the unemployment rate in china has remained unchanged sense the third quarter. This has decreased sense Jan 2013 from 4.1 however many sources believe these numbers are skewed by the Chinese government

3. Population

3.1. 1382.62 Milion

3.1.1. Chinas population has risen sense 2015. Many sources belive this is due to the phasing out of the one child policy. In 2015 the natural increase was positive, as the number of births exceeded the number of deaths by 7,210,468. However, due to external migration, the population declined by 438 660.

4. Employed Persons

4.1. 77451.00 tens of thousands

4.1.1. The number of employed persons in china has risen from 77253 in 2014 due to the changing market and expanding job market being offered. However some sources do not believe this is credible do to many Chinese outside of major cities holding miscellaneous jobs.

5. Labor Costs

5.1. 104.30 index points

5.1.1. The low labor costs in 2006 has almost quadrupled and labor unrest has also grown. Many top manufactures have moved form china to lower lanor cost countries like bangladesh. These rising wages are due to more chinese cittizens entering the middle class and becoming consumers of the devices they're producing.

6. Currency

6.1. Offshore yuan

6.1.1. trades freely, based on market forces. Created in 2010 to help internationalize the currency for hedging and investing but not trade.

6.2. Onshore yuan (renminbi)

6.2.1. constrained by a trading band: China's central bank, the People's Bank of China (PBOC), lets the yuan spot rate rise or fall a maximum of 2 percent against the dollar, relative to the official fixing rate, which is set daily In November, the International Monetary Fund (IMF) agreed to add the renminbi to its Special Drawing Rights (SDR), a type of international reserve asset. It has an 11 % weighting in the SDR and is now recognized as a reserve currency . But one of the requirements of the SDR is that the onshore and offshore yuan need to converge toward a free floating rate.However earlier this year the two currencies diverged causing the chines policymakers to step in and intervine in the offshore market. This caused skeptisim in the markets as many though the renminbli would fall. China's policy makers are likely to continue their gradual process of liberalizing the currency toward a market-determined exchange rate.