- Question 1 Billions Of Current International Dollars 40 000 35 000 30 000 25 000 20 000 15 000 2015 China And U S G D P 1 (73.06 KiB) Viewed 9 times
"This is not a high target and a far cry from our 5.5 per cent goal. But we have to do so."For the first quarter of this year, China recorded 4.8 per cent annual growth in gross domestic product. Li added that the economy was "to some degree worse than" it had been at the start of the pandemic in early 2020, noting that unemployment for people aged 16 to 24 had reached a historic high of 18.2 per cent while the jobless rate for migrant workers was also up sharply. A condensed version of the premier's comments, including his call to achieve "reasonable growth", was carried on Chinese state television's main evening news broadcast. Li urged the officials in attendance, including vice-premiers Liu He and Han Zheng and central bank governor Yi Gang, to help companies resume production. "Progress is not satisfactory," the premier said. "Some provinces are reporting that only 30 per cent of businesses have reopened. The ratio must be raised to 80 per cent within a short period of time. "Li added that corporate liquidation had soared more than 23 per cent year on year in April when the whole of Shanghai entered a full lockdown that affected commercial operations across eastern China. Largely private sector small- and medium-sized enterprises, which account for half or more of government revenues, economic output and employment, have been hit the hardest. According to the transcript, Li did not mention Xi's zero-Covid strategy but reiterated the importance of prevention. "We must ensure both the smooth functioning of supply chains and Covid-prevention are both achieved," he said, adding that "many SMEs and local authorities told me their worst days have come". (Source: https://www.ft.com/content/14f6651f-b72 ... fb245381a7) If current trends continue, China may be the world's largest economy by 2050. Explain the possible implications of such a development for a) The world trading system b) The world monetary system c) The business strategy of US-based global corporation d) Global commodity price (2.5 marks) (2.5 marks) (2.5 marks) (2.5 marks) (Total: 10 Marks)