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China's Economic System
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What goods and services should be produced? what the government wants
How should goods and services be produced?
what the government wants
Who consumes goods and services?
-everyone, china basically makes everything that the US uses, the consumer
Major Exports: Electronic Equipment, Machines, engines, pumps, furniture, lighting, knit or crochet clothing, clothing (not knit or crochet, medical, technical equipment, plastics, vehicles, gems, precious metals,
In recent years, the exports of high tech products have been also growing and in 2012 accounted for 29 percent of total exports. China's main export partners are the United States (17 percent), European Union (16 percent), ASEAN (10 percent), Japan (7 percent) and South Korea.
China's major trading partners were the European Union, ASEAN (Association of Southern Eastern Asian Nations), Japan, South Korea, and the United States.
How China is a Communist economy
-The Chinese government owns firms in many major industries
-Government planners control many key economic decisions
-Allows entrepreneurs far more economic freedom than in the past
China's Main Imports
As of 2012, China's main imports were: crude oil ($220.7 billion), iron ore ($95.6 billion), plastics in primary forms ($46.2 billion), copper and copper alloys ($38.6 billion), and soybeans ($35 billion).
Pros
Cons part 2
Cons
economic growth: discourage change, managers must follow an approved government plan
economic equity: Government officials and people in favored careers enjoy higher incomes and access to a wider variety of higher quality goods, but ordinary people often suffer shortages and poorly made goods
additional goals: Guarantee jobs and income
China's Economic System Type
-Ideally supports widespread universal social welfare, including improvements in public health and education
-Built around equality and strong social communities
-Advocates universal education
-Emphasizes the development of a “New Man”--a class-conscious, knowledgeable, heroic, proletarian person devoted to work and social cohesion
- Communist nation in East Asia
- Since the 1980s China has been using a "socialist market economy"
- central planned economy
economic efficiency: government owns all production factors (fixes wages, so workers have less incentive to work faster or produce more)
economic freedom: central planning discourages competition and takes most or economic choices away from producers or consumers
3 Essential Economic Questions
What goods and services should be produced?
How should goods and services be produced?
Who consumes goods and services?