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According to IMF estimates, in G7 nations accounted for nearly Besides, they have begun to participate in top-level global governance design and thus play an increasingly important role in certain important global institutions. This situation is reflected above all in the rise of the Group of Twenty G20 , which encompass major developed and developing economies, and acts as the most important platform for international economic cooperation.
Unfortunately, developing countries have still not gained the status or voice proportionate to their strength and the momentum of their economic growth in the international economic system. All in all, the redistribution of interests, obligations, and power entailed by the rise of developing countries will have an explosive impact on the international order. The question as to whether or not to accept and manage the rise of developing countries is key to deciding whether the current international system is elastic and stable.
4 Early Warning Signs of the Next Financial Crisis
Third, the new problems that have loomed large since the eruption of the global financial crisis called into question the liberal international economic system. As the principle of free trade marked the postwar global economic order, the past decades have witnessed large-scale economic globalization, and countries adopted reform measures and a policy of opening-up, handled international affairs in a cooperative manner, and coordinated effective policies. However, globalization has been ebbing in the wake of the global financial crisis for it revealed economic imbalances, inequality, and other social conflicts that had been concealed by rapid global growth.
Having suffered from global financial woes, widespread unrest, and internal conflicts, people across the world became more concerned with injustice in the distribution and consumption of global wealth, and the pursuit of equity and justice has become an irreversible and increasingly popular trend. Instead, China aims to abide by current global rules and institutions while assuming deserved responsibilities commensurate with its international status.
Indeed, every bit of change in the global economic order entails the redistribution of international responsibility as well as international power. Emerging powers, including China, should encourage a perspective that tolerates development across the world. Cultivation of such a core value will help emerging powers undertake international responsibilities proportionate to their current national strength and historical suffering from colonialism, and prevent them from being trusted with responsibilities and obligations beyond their capacity. At the same time, such an attitude toward the development of other countries will also demand that developed countries undertake their responsibilities, fulfill their commitments, and pay more attention to the reasonable demands of less-developed countries.
Bank lending to particular types of investors will be restricted.
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Credit then becomes tight and investment growth begins to decline. Eventually such centrally-imposed busts alleviate shortages and bring inflation down to acceptable levels. At that point, the central government yields to local-government demands for looser policy and the cycle begins again. Most of China's financial institutions are state owned and governed. It fulfills many of the functions of other central and commercial banks.
It issues the currency, controls circulation, and plays an important role in disbursing budgetary expenditures.
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Additionally, it administers the accounts, payments, and receipts of government organizations and other bodies, which enables it to exert thorough supervision over their financial and general performances in consideration to the government's economic plans.
The PBC is also responsible for international trade and other overseas transactions. Remittances by overseas Chinese are managed by the Bank of China BOC , which has a number of branch offices in several countries. Other financial institutions that are crucial, include the China Development Bank CDB , which funds economic development and directs foreign investment ; the Agricultural Bank of China ABC , which provides for the agricultural sector; the China Construction Bank CCB , which is responsible for capitalizing a portion of overall investment and for providing capital funds for certain industrial and construction enterprises; and the Industrial and Commercial Bank of China ICBC , which conducts ordinary commercial transactions and acts as a savings bank for the public.
China's economic reforms greatly increased the economic role of the banking system. SOEs  Even though nearly all investment capital was previously provided on a grant basis according to the state plan, policy has since the start of the reform shifted to a loan basis through the various state-directed financial institutions.
Much of that total is believed by outside observers to be nonperforming. Foreign sources of capital have also increased. China has received loans from the World Bank and several United Nations programs, as well as from countries particularly Japan and, to a lesser extent, commercial banks. Hong Kong has been a major conduit of this investment, as well as a source itself. On 23 February , the PBC evinced its inclination to liberalise its capital markets when it circulated a telling ten-year timetable.
In August , creation of an as yet unnamed high-level body to gather and analyze financial information and trends was announced by the central government. The central bank would participate as would people from other organizations engaged in financial matters. It would not have direct regulatory authority, but would attempt to function at the highest professional level in order to provide appropriate guidance to regulators with respect to matters such as shadow banking that are potential sources of instability.
As of and the first quarter of the financial industry had been providing about 1. In an effort to forestall damage from collapse of a possible economic bubble fueled by margin trading the central government raised requirements for margin lending. Economic damage from a crash in was limited due to margin lending being highly restricted. Some of the small cap stocks acquired may be overvalued.
The renminbi "people's currency" is the currency of China, denominated as the yuan , subdivided into 10 jiao or fen. The renminbi is issued by the People's Bank of China , the monetary authority of China. The renminbi is held in a floating exchange-rate system managed primarily against the US dollar. On 21 July , China revalued its currency by 2. There is a complex relationship between China's balance of trade , inflation, measured by the consumer price index and the value of its currency.
Despite allowing the value of the yuan to "float", China's central bank has decisive ability to control its value with relationship to other currencies. Inflation in , reflecting sharply rising prices for meat and fuel, is probably related to the worldwide rise in commodities used as animal feed or as fuel.
Thus rapid rises in the value of the yuan permitted in December are possibly related to efforts to mitigate inflation by permitting the renminbi to be worth more. During the week of 10 August , against the background of a slowing Chinese economy and appreciation of the U. A market-based "representative" exchange rate against the U. As of , the RMB is the 8th most widely traded currency in the world. The announcement gave 'green-light' to official approval at the 30 November IMF meeting.
S farms. Virtually all arable land is used for food crops. China is the world's largest producer of rice and is among the principal sources of wheat , corn maize , tobacco , soybeans , potatoes , sorghum , peanuts , tea , millet , barley , oilseed , pork , and fish. Major non-food crops, including cotton, other fibers, and oilseeds , furnish China with a small proportion of its foreign trade revenue.
Agricultural exports, such as vegetables and fruits, fish and shellfish, grain and meat products, are exported to Hong Kong. China hopes to further increase agricultural production through improved plant stocks, fertilizers , and technology. According to the government statistics issued in ,  after a drop in the yield of farm crops in , output has been increasing annually. According to the United Nations World Food Program , in , China fed 20 percent of the world's population with only 7 percent of the world's arable land.
Of this, slightly more than half is unirrigated, and the remainder is divided roughly equally between paddy fields and irrigated areas.
Nevertheless, about 60 percent of the population lives in the rural areas, and until the s a high percentage of them made their living directly from farming. Since then, many have been encouraged to leave the fields and pursue other activities, such as light manufacturing , commerce, and transportation; and by the mids farming accounted for less than half of the value of rural output.
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Animal husbandry constitutes the second most important component of agricultural production. China is the world's leading producer of pigs, chickens, and eggs, and it also has sizable herds of sheep and cattle. Since the mids, greater emphasis has been placed on increasing the livestock output. China has a long tradition of ocean and freshwater fishing and of aquaculture. Pond raising has always been important and has been increasingly emphasized to supplement coastal and inland fisheries threatened by overfishing and to provide such valuable export commodities as prawns.
Environmental problems such as floods, drought, and erosion pose serious threats to farming in many parts of the country.
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The wholesale destruction of forests gave way to an energetic reforestation program that proved inadequate, and forest resources are still fairly meagre. Because they are inaccessible, the Qinling forests are not worked extensively, and much of the country's timber comes from Heilongjiang , Jilin , Sichuan , and Yunnan. Western China , comprising Tibet , Xinjiang , and Qinghai , has little agricultural significance except for areas of floriculture and cattle raising.
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Rice, China's most important crop, is dominant in the southern provinces and many of the farms here yield two harvests a year.