Ing.tomáš Dudáš, PhD.

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    Ing.Tom Dud, PhD.

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    Basic InformationArea approximately the size of USA

    Population approximately 1,3 billion

    President Hu Jintao

    Prime minister Wen Jiabao

    Mixed economy (market economy and socialist stylecommand economy)

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    Historical background1949 Peoples Republic of China was

    established

    1949-1976 Stalinist style commandeconomy under the leadership of Mao Zedong

    1958-1961 - Great Leap Forward

    19661976 - Cultural Revolution

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    Economic reform1978 bad economic conditions (dual society,where the urban population had 3x higher incomethan the rural population)1978 start of the reforms (Deng Xiaoping)Specific Chinese socialism or socialist market

    economy4 modernizations (agriculture, industry, science

    and technology and military)

    First step introduction of market principles intothe agricultureWindows into the world (special economic zones)1989 - political and social problems2001 Entrance into the WTO

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    Main economic data - 2008Unemployment in cities officially 4-5 %

    (reality 10%)

    Rural unemployment we can onlyapproximate (approx. 20 %)

    Hourly wage - 1 USD/hour and less

    Inflation 5,9 %

    Currency juan/renminbi (fixed exchangerate)

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    Main economic data - 2008Main business partners:

    Export US 18.6%, Hong Kong 12.7%, Japan8.2%, South Korea 5.1%, Germany 4.2%(2008)

    Import Japan 12.2%, South Korea 10%, US6.6%, Hong Kong 4.9%, Germany 4.5% (2008)

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    Main economic problems of ChinaPopulation problems legacy of one child policy

    Social problems the poor rural regions are loosingground economically (the hukou system

    exacerbates the problems)Approx. 150 million commuters (high share of

    illegal ones)

    Rising social tensions (70 000 social unrests and

    demonstrations)

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    Main economic problems of ChinaHigh energy and resource intensity of the

    economy China is the second largestconsumer of oil and energy

    China is one of the largest polluters in theworld (Co2 emissions will grow fourfold in the

    next century) China did not sign the Kyotoprotocol

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    Main economic problems of ChinaHigh level of corruption from the communal

    level up to the top level party and militaryleader

    The foreign corporations adapted thepotential gains are huge

    Problems with the protection of intellectualproperty rights

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    Other social and economic

    problemsThe mixture of two economic systems brought

    out the worst problems of both systems

    Problems in the area of human rightsProblem of Tibet

    Problem of Taiwan

    Control of mass media (internet control new

    challenge)

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    East Asia

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    Chinas economic

    cooperationChina-ASEAN FTA (in effect by 2010 for 6 ASEAN

    members and 2015 for the remaining 4)

    China-Singapore FTA

    China-Philippines investment acts

    Various acts with Mekong Delta countries

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    Difficulties in EU-China tradeProtection of Intellectual property rights

    Counterfeiting and product piracy

    Product safety concernsBallooning bilateral trade deficit

    Chinas undervalued currency

    Chinas delay in enforcing WTO rules

    Unfair subsidies to favored national industries

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