As Chinese President Xi Jinping kicked off a three-day state visit to Malaysia, a lesser-known link between the two nations—Shanghai-born cartoonist, painter and scholar Huang Yao—is being given his due with an exhibit at Kuala Lumpur’s National Visual Arts Gallery.
Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg was more than 20% by late 2008, but the exchange rate has remained virtually pegged since the onset of the global financial crisis.
In 2006, China announced that by 2010 it would decrease energy intensity 20% from 2005 levels.
China is the world’s fastest-growing major economy, with an average growth rate of 10% for the past 30 years.
Some economists believe that Chinese economic growth has been in fact understated during much of the 1990s and early 2000s, failing to fully factor in the growth driven by the private sector and that the extent at which China is dependent on exports is exaggerated.
The two most important sectors of the economy have traditionally been agriculture and industry, which together employ more than 70 percent of the labor force and produce more than 60 percent of GDP.
A report by UBS in 2009 concluded that China has experienced total factor productivity growth of 4 per cent per year since 1990, one of the fastest improvements in world economic history.
The market-oriented reforms China has implemented over the past two decades have unleashed individual initiative and entrepreneurship, whilst retaining state domination of the economy.
The growth in both outbound investment from, and inbound investment to, China reflects the nation’s rising economic power and attractiveness as an investment destination.
In this period the average annual growth rate stood at more than 50 percent.
It also aims to sell more than 15 million of the most fuel-efficient vehicles in the world each year by then.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
Since the late 1970s, China has decollectivized agriculture, yielding tremendous gains in production.
In terms of cash crops, China ranks first in cotton and tobacco and is an important producer of oilseeds, silk, tea, ramie, jute, hemp, sugarcane, and sugar beets.
Due to improved technology, the fishing industry has grown considerably since the late 1970s.
Growing domestic demand beginning in the mid-1990s, however, has forced the nation to import increasing quantities of petroleum.
There are large deposits of uranium in the northwest, especially in Xinjiang; there are also mines in Jiangxi and Guangdong provs.
In the 1990s a program of share-holding and greater market orientation went into effect; however, state enterprises continue to dominate many key industries in China’s socialist market economy.
Great inland cities include Beijing and the river ports of Nanjing, Chongqing, and Wuhan.
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Huang Yao: The Other Remarkable Chinese Guest of Malaysia