North, South , East, WestNatural barriers isolated China from all other civilizations.                                    ...
China: Cultivating the Outer China is a sparselyChina is geographically divided into two parts.                           ...
China: Size and Population                                                                    United States               ...
China: Ruling the PeopleDynasties: Ancient China was governed by a ruling class of warrior nobles headedby a king. Ruling ...
China: Philosophy and ReligionConfucius was addressed as The Masterall over China. His teachings were basedon virtue and g...
China: Development of Writing             The Chinese writing system is not alphabetic like English. It             used s...
China: Technology      BronzeDuring the Shang dynasty,Chinese artisans learnedto make beautiful objectsfrom bronze to be u...
China: Economic Development After the death of Mao Zedong in 1976, China adopted a plan of modernization, The Four Moderni...
The Chinese developmentSince 20 years the Chinese economy has a very importantrole in the world, and also continues to be ...
•   China is also member of the many important instututions:•   United Nations, who has as one of his goals the achievemen...
THE ECONOMIC REFORM•   With the introduction of economic reform based on    capitalism, in 1978 China became the country w...
•   Also there were important and decisive initiatives to    encourage foreign investment: opening up to    foreign countr...
An incredible growth•   Over the last 20 years China has got an extremely high savings rate,    averaging around 40 %, Chi...
CHANGES IN ECONOMY
AGRICULTURE•   China is one of the worlds largest producers and consumers of    agricultural products.•   Today Agricultur...
Industry•   Industry and construction account for 46.8]% of Chinas GDP.    Around 8% of the total manufacturing output in ...
An important event in the Chinese industry is the development of the                           privatization.•   In the ni...
Import-export•   The vast majority of Chinas imports (machinery and high-    technology equipment) comes from the develope...
Exports of goods and services•                    (% of GDP)    26,17813% in 2009•   Exports of goods and services represe...
Imports of goods and services•   20,92528% in 2009                     (% of GDP)•   Imports of goods and services represe...
Financial system•   the entire financial system has a high proportion of savings and    investments of the population.•   ...
•   Indeed the financial development of China remains in the early stages.•   The country’s legal system is weak so that f...
•   As China gets richer, however this strategy is unlikely to continue to    work.•   To move into next stage of developm...
The Banking SectorThe history of the banking system in China can be    subdivided into two main periods   The Mao Era (19...
The Mao EraIn 1949 the Peoples Bank Of China took over   functions of central bank (regulation and    monetary policy)  ...
The Mao Era               PBOC                                                              CBRCAs central bank the PBOC a...
In 1983 the control on banking   The Post-Mao Erabusiness has been took over by    the “Big Four” namely   Bank of China ...
The Structure of the Banking Sector
The Big Four
Reforming the Banking SectorThe chinese banking sector used to be debt-laden because of its status      of ‘fakely indepen...
Foreign Banks2006 – removing of all geographic  and (most) business restrictions  for foreign banks. Nevertheless  rather ...
The Financial MarketsMajor function of the financialmarketsHow Financial Markets haveimproved Chinese economy
The Stock Market   How chinese stock market was in the past   Analytical comparison of China stock and    US stock (at p...
The Stock Market   Taiwan stock market       Political direction pursued by the        taiwanian leader       Enactment...
Investment Risk in the Chinese         Stock Market Volatility Precautions
The Bond Market The developing stage The reformation of   the bond markets Rules and regulations in the bond  market
Why Financial Markets are among the most   heavily regulated sector in the economy? Asymmetric information Adverse selec...
Why investors should consider        investing in China? Capital reserves Exit strategy Ready to   serve (service secto...
Recommendation and Conclusion   Increase information to investors   Monitoring and control of credit rating    instituti...
Undervaluation of Chinas Currency     The currency of China isRenminbi and its unit is Yuan     Issued in 1948     Fixe...
Fluctuation of the exchange rate of RMB
PPP (Purchasing Power Parity) Method based on the “law of one price”. I.E. Big Mac Index Limitations: it doesnt consider...
FEER (Fundamental equilibrium           exchange rate) Determines the internal balance GDP; Determines a target current ...
BEER ( Behavioral equilibrium             echange rate)Overcomes the FEER modelshortcoming by only modeling theeconomic f...
RMB undervalued byAccording to the different model the RMB is undervalued by different %
American Trade Deficit China contributes with 25% of US trade deficit; Appreciation of RMB will affect the deficit; The...
Advantages and Disadvantages of                 undervaluation exports, whileAn undervalued RMB artificially benefits Chin...
Advantages and Disadvantages of                   undervaluation of fixedThe Chinese authorities claim that the abandonmen...
Strengths and weaknesses of theChinese economy in the globalization   Proactive policies,   Period of rapid growth, sustai...
Questions :The experience of catching now known China is                   sustainable?What are the main strengths and wea...
The advantages of Chinese                 economic powerThe ingredients of the strong growth in China since the end of the...
The first point                            Proportion of people                                 working                   ...
About reforms…A political reforms :The Chinese authorities continue to perform high structural reforms magnitude to mainta...
Social reforms : The gradual establishment of a real social system (pension law1997, extension of social security to all t...
The growing attractiveness of this             "workshop"Increasingly open to foreign capital since thecreation of "specia...
Heavy industry   Ever since the Maoist period and stimulated by overinvestment in   the 1980s and 1990s.China is now the w...
China wants to dominate!If the automotive industry remains dominated by lowproductivity and foreign manufacturers, applian...
A balanced growth path. Despite the still rudimentary macroeconomic policyinstruments available to the government and the ...
Prudent management ...• The prudent macroeconomic management  authorities, including the maintenance of  exchange controls...
The weaknesses of the Chinese         economy   "New Giant" or "paper tiger"?
China, is it really a model?• These weaknesses are present from the regime of Deng  Xiaoping. It has an inability to contr...
The country of seniors!Aging and the demographic challenge.  The first concerns the fragility Chinese production factor th...
Who said China didn’t knew        unemployment ?Urban unemployment was around 10% in2010, and China has created efficient ...
China does catch its technological            backwardness?• The main problem with China is its inability to quickly  spec...
Absence of a culture of scientific                      criticism.    • The importance of corruption, piracy and      coun...
Degradation of the environment• Growth of the Chinese economy continues to continue at a pace  compatible with the populat...
The energy issue• Energy consumption has increased by 13% per  year restart is the industries most intensive fossil  fuels...
Rising inequalityChina is a predominantly rural (55%).  In agriculture overstaffing and  underemployment affect 150-200 mi...
Exploit the opportunities offered by           the Chinese market• Income growth• Third largest economy in the world.• Mar...
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China presentacion.pptx mejorada

  1. 1. North, South , East, WestNatural barriers isolated China from all other civilizations. Mongolian Plateau Taklimakan Desert Gobi Desert Plateau of Tibet Himalaya Mountains Pacific Ocean
  2. 2. China: Cultivating the Outer China is a sparselyChina is geographically divided into two parts. Landsettled region of high mountains, plateaus, steppes, and deserts. AgriculturalChina is where 95% of the Chinese people live.Under Communist rule, China’s agriculturalland and farmers were organized in tocollective farms in an attempt to increaseagricultural production.
  3. 3. China: Size and Population United States China 9,596,960 Square area 9,629,091 Square area 1,284,303,705 Population 280,562,489 PopulationThe population of China is more that one billion people, the largest nationalgroup in the world. Two-thirds of the Chinese people are farmers, but only4% of China’s land can be cultivated. In an effort to balance the relationship between land and people, China adopted a “one-couple, one-child” policy in the 1980’s.
  4. 4. China: Ruling the PeopleDynasties: Ancient China was governed by a ruling class of warrior nobles headedby a king. Ruling families are referred to as dynasties. The Shang Dynasty (1766 BC)was the first verifiable dynasty and ruled China for 600 years. The Shang dynastywas overthrown by Zhou who established a dynasty and introduced the idea of theMandate of Heaven.The Han dynasty centralized the Chinese government and established a bureaucracywhich included eighteen different ranks of civil service jobs that civilians obtainedby taking competitive examinations.1911-1949 The Republic of China was established under the leadership of Sun Yat-sen1949- The Republic of China moved to the island of Taiwan1949 –The People’s Republic of China came to power under the Communist leaderMao Zedong.
  5. 5. China: Philosophy and ReligionConfucius was addressed as The Masterall over China. His teachings were basedon virtue and goodness. Confuciusbelieved that the past tells us how to live inthe present. His sayings were recorded ina book called The Analects. Other Chinese philosophies include Taoism ( Daoism) and LegalismBuddhism spreadto China from India.
  6. 6. China: Development of Writing The Chinese writing system is not alphabetic like English. It used symbols for words called characters. Each character stands for an idea, not a sound. The characters are read vertically in columns (down and up). The written language is not linked to the spoken language, so people all over China could learn the same system of writing, even if they spoke different languages.
  7. 7. China: Technology BronzeDuring the Shang dynasty,Chinese artisans learnedto make beautiful objectsfrom bronze to be used inreligious ceremonies. IronAncient Chinese learnedhow to build blastfurnaces that allowedthem to produce cast ironused for weapons andagricultural tools such asthe mold board plow.
  8. 8. China: Economic Development After the death of Mao Zedong in 1976, China adopted a plan of modernization, The Four Modernizations. Under the new leadership of Deng Xiaoping, China wanted to improve agricultural production, expand industry and improve the army.At the 16th National Congress of the Communist Party, the Deng Xiaoping 1904-1997National Peoples Congress of China elected PresidentHu Jintao. President Hu Jintao movesZhongnanhai, Beijing Headquarters of Communist Party China toward capitalism
  9. 9. The Chinese developmentSince 20 years the Chinese economy has a very importantrole in the world, and also continues to be subject ofcontrasting reviews.The surface of China is 9,671,018 km2, making it thelargest state in East Asia and the population is approximately20% of the world: China is the most populous country inthe world.The importance of China in the XXI century is reflected in itsrole as second largest economy to GDP after UnitedStates.
  10. 10. • China is also member of the many important instututions:• United Nations, who has as one of his goals the achievement of international cooperation in economic development.• APEC (Asia-Pacific Economic Cooperation): which aims to foster cooperation, economic growth, free trade and investment in the Asia-Pacific.• G20:that enclosing the most industrialized countries to encourage international economic development by promoting new strategies and sustainable development.
  11. 11. THE ECONOMIC REFORM• With the introduction of economic reform based on capitalism, in 1978 China became the country with the fastest economic development in the world: is the second largest exporter and third largest importer of goods.• There were reforms in industry and agriculture
  12. 12. • Also there were important and decisive initiatives to encourage foreign investment: opening up to foreign countries and the introduction of the free market is so central to the reform.• The reforms implemented have led to a "socialist market economy", a new economic structure which combined socialism, which held the administrative and institutional structure, an economic system which provided for the free market and free trade.
  13. 13. An incredible growth• Over the last 20 years China has got an extremely high savings rate, averaging around 40 %, Chinese economy has enjoyed one of the highest growth rates in the world.• At the beginning of the nineties there was an incredible increase in GDP, from 4% in 1990 to 12.7% in 1994.• In the ranking of GDP, in 2007 China surpassed Germany and in 2010 Japan.• Of course the gap whit the United State is still very large..
  14. 14. CHANGES IN ECONOMY
  15. 15. AGRICULTURE• China is one of the worlds largest producers and consumers of agricultural products.• Today Agriculture contributes for around 10% of Chinas GDP.• In the nineties we assist to a crises in the rural world.
  16. 16. Industry• Industry and construction account for 46.8]% of Chinas GDP. Around 8% of the total manufacturing output in the world comes from China itself. China ranks third worldwide in industrial output.• China is the largest producer of steel in the world.
  17. 17. An important event in the Chinese industry is the development of the privatization.• In the nineties we assist to a decrease of the productivity of the public industry.• In the 1993 the government decide the China must became a “modern country”, so the public companies must become private company.• Companies whit foreign capital are an important part of the private sector: they
  18. 18. Import-export• The vast majority of Chinas imports (machinery and high- technology equipment) comes from the developed countries (Japan and the United States)• About 80 percent of Chinas exports consist of manufactured goods, most of which are textiles and electronic equipment, with agricultural products.
  19. 19. Exports of goods and services• (% of GDP) 26,17813% in 2009• Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.
  20. 20. Imports of goods and services• 20,92528% in 2009 (% of GDP)• Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.
  21. 21. Financial system• the entire financial system has a high proportion of savings and investments of the population.• The total value of deposits at the end of 2005, it has approached to 160% of GDP while the share of these deposits used by banks to extend credit in the economy of the country was greater than 100% of GDP.• This indicates the dominant role of banks in the Chinese financial system. Chinas economy is mainly financed by bank loans: loans granted by banks in the first quarter 2006 were 87% of the total funds raised by domestic non-financial sector. Moreover, the presence of not yet very developed bond market does not allow companies to diversify their sources of research funding.
  22. 22. • Indeed the financial development of China remains in the early stages.• The country’s legal system is weak so that financial contract are difficult to enforce, while accounting standards are lax, so that high-quality information about creditors is hard to find.• Regulation of the banking system is still in its formative stages, and the banking sectors is dominated by large-state owned banks.• Even though available savings have not been allocated to their most productive uses, the huge increase in capital combined whit the gains in productivity from moving labor out from low-productivity, subsistence agriculture have been enough to produce high growth.
  23. 23. • As China gets richer, however this strategy is unlikely to continue to work.• To move into next stage of development, China will need to allocate its capital more efficiently, which requires that it must improve its financial system.• The Chinese leadership is well aware of this challenge.• The governed has announced that state-owned banks are being put on the path to privatization.• In addition, the government is engaged in legal reform to make financial contracts more enforceable.• New bankruptcy law is being developed so that lenders have the ability to take over the assets of firms that default on their loan contracts.
  24. 24. The Banking SectorThe history of the banking system in China can be subdivided into two main periods The Mao Era (1949-1978) The Post-Mao Era or Deng Era (1978 onwards)
  25. 25. The Mao EraIn 1949 the Peoples Bank Of China took over functions of central bank (regulation and monetary policy) functions of commercial bank (control on all banking business)
  26. 26. The Mao Era PBOC CBRCAs central bank the PBOC as the The China Banking Regulatory objective of promoting Commition (CBRC) manages economic growth and price the functions of supervision. It stability. focus on the strenght of theIt focus on monetary policy issues financial and financial system institutions and the restructuringliquidity. of the banking sector. PBOC remains still very influential, it has considerable regulatory power.Common overlapping of functions.
  27. 27. In 1983 the control on banking The Post-Mao Erabusiness has been took over by the “Big Four” namely Bank of China (BOC) Industrial & Commercial Bank of China (ICBC) China Construction Bank (CCB) Agricultural Bank of China (ABC)
  28. 28. The Structure of the Banking Sector
  29. 29. The Big Four
  30. 30. Reforming the Banking SectorThe chinese banking sector used to be debt-laden because of its status of ‘fakely independent’ from the government. NPL ratio of the Big Four was above 20% in 2003.Stages of the restructuring: Recapitalize and restructure the Big Four into joint- stock banks (strenghtening the balance sheets) Invite strategic investors Become publicly listed (greater transparency and efficiency)
  31. 31. Foreign Banks2006 – removing of all geographic and (most) business restrictions for foreign banks. Nevertheless rather small role.Often geographically focused (I.E. Shangai) as they cannot compete with Chinese banks in term of the number of branches
  32. 32. The Financial MarketsMajor function of the financialmarketsHow Financial Markets haveimproved Chinese economy
  33. 33. The Stock Market How chinese stock market was in the past Analytical comparison of China stock and US stock (at present). Press coverage and speculation. HK Stock Exchange Growth potential of the stock market The chinese stock market crash
  34. 34. The Stock Market Taiwan stock market  Political direction pursued by the taiwanian leader  Enactment of new laws  New policies adopted  Taiwan Stock Exchange
  35. 35. Investment Risk in the Chinese Stock Market Volatility Precautions
  36. 36. The Bond Market The developing stage The reformation of the bond markets Rules and regulations in the bond market
  37. 37. Why Financial Markets are among the most heavily regulated sector in the economy? Asymmetric information Adverse selection and moral hazard Mitigating the problem
  38. 38. Why investors should consider investing in China? Capital reserves Exit strategy Ready to serve (service sector) More to China than exports
  39. 39. Recommendation and Conclusion Increase information to investors Monitoring and control of credit rating institutions Diversification of loan portfolio Encourage small banks to raise capital Minimization of the financial panicHow sound and safe is the Chinas financialsystem?
  40. 40. Undervaluation of Chinas Currency The currency of China isRenminbi and its unit is Yuan Issued in 1948 Fixed to the rate of 2.56 RMB per USD RMB gradually depreciated to enhance the  1994 – lowest value 8.62 RMB per competitivity of Chinese USD exports
  41. 41. Fluctuation of the exchange rate of RMB
  42. 42. PPP (Purchasing Power Parity) Method based on the “law of one price”. I.E. Big Mac Index Limitations: it doesnt consider purchasing patterns; differencein quality of goods in different countries; inflation Accoriding to the International Monetary Fund in2006 1 USD = 2.062 Yuan
  43. 43. FEER (Fundamental equilibrium exchange rate) Determines the internal balance GDP; Determines a target current account that conforms to the sustainable capital account flows; Calculates the equilibrium of the REER. Limitations: uncertainty of estimating internal and external balance.
  44. 44. BEER ( Behavioral equilibrium echange rate)Overcomes the FEER modelshortcoming by only modeling theeconomic fundamentalsExplains the historic performance of the REERLimitations: assumes the economy was in equilibrium duringthe historical period
  45. 45. RMB undervalued byAccording to the different model the RMB is undervalued by different %
  46. 46. American Trade Deficit China contributes with 25% of US trade deficit; Appreciation of RMB will affect the deficit; The impact is proportional to the overall trade; China contributes with 11% of US trade. Ex: 20% appreciation would result in a 2% decrease in the American trade deficit.
  47. 47. Advantages and Disadvantages of undervaluation exports, whileAn undervalued RMB artificially benefits Chineselimiting the exports of other countries to China.All of this would result in a strong limitation on the labour marketin most developed countries for the benefit of the Chineseoccupation.However, this situation favours the interests of differententerprises of developed countries that have moved production toChina. An undervalued exchange rate makes it much moreattractive, in western markets, the goods produced in China.
  48. 48. Advantages and Disadvantages of undervaluation of fixedThe Chinese authorities claim that the abandonmentexchange rate would expose the country to activity of financialspeculation, would destabilize the economy and hurt growth.Nevertheless, in June 2010, the Chinese government has declaredas its currency will gradually appreciated and will be subjected toan oscillation of 0.5%
  49. 49. Strengths and weaknesses of theChinese economy in the globalization Proactive policies, Period of rapid growth, sustainable and balanced. Which makes it the third global economy and the largest exporter since 2008.
  50. 50. Questions :The experience of catching now known China is sustainable?What are the main strengths and weaknesses of the Chinese economy?China will, as the major economic power in thetwenty-first century, or is it a giant with feet of clay ?
  51. 51. The advantages of Chinese economic powerThe ingredients of the strong growth in China since the end of theMaoist period (1978) are no longer present.China progressively liberalized its domestic market :Extensive strucural reformsOpened its economy to the worldFacilitating the transition from a planned economy and rural underdevelopedeconomic power to a modern, integrated at the heart oh the globalization.Profound transformations conditions living  * 15 between 19978 and 2007  more than 500 M Chinese out ofpoverty  800 M in a semi or total misery…
  52. 52. The first point Proportion of people working 80Growth in the years 701978-2007 (more than 609% per year) was 50 40based primarily on 30Growth factors of 20production. 10 0 1964 2007
  53. 53. About reforms…A political reforms :The Chinese authorities continue to perform high structural reforms magnitude to maintaingrowth potential of the country to the level of 1990-2000.Economic reforms :•The recovery plan implemented after the crisis appears, from this point of view, havingspent a turning development strategy in China, a model turned outwards, towards a modelmore self-reliant.•The Chinese authorities encourage strengthening transport infrastructure andcommunication to open up peripheral regions and make China a true internal market.
  54. 54. Social reforms : The gradual establishment of a real social system (pension law1997, extension of social security to all the people, announcedin 2007) should help stimulate consumer spending.Others : Finally, the strengthening of property rights and strong supportfor research and development aimed at accelerating the rise inthe range of Chinese industrial production
  55. 55. The growing attractiveness of this "workshop"Increasingly open to foreign capital since thecreation of "special economic zones" in 1979.2002 = first recipient of foreign directinvestment (FDI).Main reason: The foreign-funded enterprises areattracted by the low cost of labor, and are nowresponsible for half of Chinas foreign trade.
  56. 56. Heavy industry Ever since the Maoist period and stimulated by overinvestment in the 1980s and 1990s.China is now the worlds largest producer of:-steel-cement-and aluminum. The expansion of light industry (textiles and clothing) due to the increasing integration of the world market since Chinas accession to the WTO and is the low cost of labor. 2007  1st world exporter.
  57. 57. China wants to dominate!If the automotive industry remains dominated by lowproductivity and foreign manufacturers, appliances andelectronics are fast-growing Chinese Lenovo (formerlyLegend) became in 2007 the first world producer of PC bybuying a part of IBM .Telecommunications and electronic products accounted for15% of Chinas industrial production in 2007. The steadygrowth in value added has characterized the whole processof the countrys industrial take-off: the VA industry hasincreased by 23 between 1978 and 2007.
  58. 58. A balanced growth path. Despite the still rudimentary macroeconomic policyinstruments available to the government and the CentralBank, the Chinese economy has so far followed a path ofbalanced growth. China could not avoid three episodes offalling prices, in 1999-2002, 2005-2006 and 2008-2009, feeding fears and speculations on overinvestment.Asset as well but managed to avoid hyperinflation inperiods of "overheating" (7.8% / year between 1978 and1995) and has maintained an overall trade balance inequilibrium, until fiscal surplus recorded disproportionatelyrecent years (10% of GDP in 2009).
  59. 59. Prudent management ...• The prudent macroeconomic management authorities, including the maintenance of exchange controls have allowed China to better withstand the recent crisis than other countries in the region (Asian crisis of 1997) and the countries of the Triad (crisis 2008).
  60. 60. The weaknesses of the Chinese economy "New Giant" or "paper tiger"?
  61. 61. China, is it really a model?• These weaknesses are present from the regime of Deng Xiaoping. It has an inability to control the side effects of its rapid development, suchas:- Increase inequality- environmental degradation insufficient energy supply. All this shows that China is also becoming a cause for concern.
  62. 62. The country of seniors!Aging and the demographic challenge. The first concerns the fragility Chinese production factor that has contributed to its development over the last thirty years: work . The one-child policy has resulted in an abrupt transition and negative for its long-term development. Over 65 years  25% to 35% of the Chinese population in 2030 And the "reservoir" of migrant workers available to the industry should stop growing soon
  63. 63. Who said China didn’t knew unemployment ?Urban unemployment was around 10% in2010, and China has created efficient "only" 9million jobs per year between 2003 and 2010.
  64. 64. China does catch its technological backwardness?• The main problem with China is its inability to quickly specialize in technology-intensive industries. Public spending on education are below average in developing countries (2.8% of GDP in 2007, against 4% on average for developing countries) China is ranked as 104th in terms of enrollment in secondary education (71.8%).
  65. 65. Absence of a culture of scientific criticism. • The importance of corruption, piracy and counterfeiting to explain slow "upmarket" Technology of the Chinese economy. • The legal framework protecting intellectual property is misapplied by the authorities and the local police. • also to Chinese entrepreneurs themselves discouraged from investing in research and development.China Daily, March 2008)
  66. 66. Degradation of the environment• Growth of the Chinese economy continues to continue at a pace compatible with the population density and the relative scarcity of natural resources that characterize the country.• Environmental problems-the erosion of soils, -deforestation and-desertification affecting 30% of its area.• Pollution: China is now responsible for 22% of global greenhouse gas greenhouse with 16 of the 20 most polluted cities in the world.• Sanctions ^__^
  67. 67. The energy issue• Energy consumption has increased by 13% per year restart is the industries most intensive fossil fuels, such as steel,cement and glass.• If China has significant energy reserves (15% of production World fifth largest oil producer), it must import substantial quantities fossil fuels to compensate for the low efficiency of the industry.
  68. 68. Rising inequalityChina is a predominantly rural (55%). In agriculture overstaffing and underemployment affect 150-200 million people. (poor living conditions).
  69. 69. Exploit the opportunities offered by the Chinese market• Income growth• Third largest economy in the world.• Market Chinese can offer new opportunities for European firms, provided that the opening will continue in all sectors (industry, services, finance).
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