What are the three main types of economic systems that have emerged based on solutions to the basic economic questions?
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Planned economy, market economy, and mixed economy.
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What are the three main types of economic systems that have emerged based on solutions to the basic economic questions?
Planned economy, market economy, and mixed economy.
In which economic system are resources publicly owned and economic activities controlled by a central authority?
A planned economy.
In a market economy, what factor determines the answers to the basic economic questions?
Market prices.
What economic system combines elements of both market mechanisms and government regulation?
A mixed economy.
What specific type of mixed economy does China practice as a result of reform and opening-up?
A socialist market economy.
When did the Communist Party of China first propose the establishment of a socialist market economy system?
October 1992 (during the 14th National Congress of the CPC).
Name one example of state-owned enterprises (SOEs) in China mentioned in the text.
Bank of China.
On what date was the term "socialist market economy" formally written into China's Constitution?
March 29, 1993.
What role does the market play in China's socialist market economy?
The market plays a decisive role in resource allocation under the state's macroeconomic control.
What are the four main objectives of China's macroeconomic regulation?
To promote economic growth, increase employment, stabilize prices, and maintain a balance of payments.
Which organization is the highest executive authority in China and oversees the departments responsible for economic policies?
The State Council of the People's Republic of China.
What key national economic policy sets the development direction, strategies, and targets for China's development over the next five years?
A Five-Year Plan.
Which department is responsible for formulating and implementing national economic strategies and medium to long-term development plans?
National Development and Reform Commission (NDRC).
Which department is responsible for managing fiscal revenues and expenditures, and drafting taxation policies?
Ministry of Finance.
What is the name of China's central bank, responsible for formulating and implementing monetary and credit policies?
The People's Bank of China (PBC).
What goal does China aim to achieve by the year 2035, according to the vision set out in the 14th Five-Year Plan?
Basically achieve socialist modernization.
What period is covered by China's 14th Five-Year Plan?
2021-2025.
Based on the five-year cycle of national planning, what period will the 15th Five-Year Plan cover?
2026-2030.
Which organizations are responsible for proposing and drafting the 14th Five-Year Plan?
Proposed by the CPC Central Committee and drafted by the NDRC.
What are the 11 components of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)?
9 municipalities in Guangdong Province and 2 Special Administrative Regions (Hong Kong and Macao).
Which four cities are designated as the "core cities" of the Greater Bay Area?
Hong Kong, Macao, Guangzhou, and Shenzhen.
What is the designated positioning of Hong Kong in the Greater Bay Area?
International financial, transportation, and aviation hub; global offshore Renminbi business hub.
How is Macao positioned within the Greater Bay Area development strategy?
A world-class tourism and leisure centre.
What are the key functions of Guangzhou as a core city in the GBA?
National core city; integrated gateway city; international commerce and industry centre; integrated transport hub.
What is Shenzhen's designated role as a core city in the Greater Bay Area?
Special economic zone; national economic core city; national innovation city.
Name three examples of "key node cities" in the Greater Bay Area.
Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, and Zhaoqing.
What are two main strategies the GBA development is significant for in the country's new era?
Innovation-driven development and adherence to reform and opening-up.
What are the primary objectives of the Greater Bay Area development project?
Deepen cooperation among Guangdong, Hong Kong, and Macao; facilitate in-depth integration; promote coordinated regional economic development.
What vision does China have for the Greater Bay Area by leveraging the advantages of its three regions?
An international first-class bay area ideal for living, working, and travelling.
What are the missions to the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area?
A further step in taking forward the practice of "one country, two systems", and a new attempt to break new ground in pursuing opening up on all fronts.
What are the four major development advantages of the Greater Bay Area?
Comprehensive transport network, robust economic strength, high concentration of innovation factors, and advanced internationalization.
Based on the 2023 data, which two cities in the GBA have the highest regional GDP?
Shenzhen (RMB 3,460.6 billion) and Guangzhou (RMB 3,035.6 billion).
What is the world ranking of the Shenzhen-Hong Kong-Guangzhou technology cluster according to the Global Innovation Index 2024?
Second in the world for six consecutive years.
How does Hong Kong leverage its internationalization advantage to support GBA development?
As an international financial, transportation, and trade center with a business environment based on the rule of law.
What two areas, besides finance, does Hong Kong contribute to by leveraging its experience and international connections in the GBA?
International legal and dispute resolution services; arts, culture and creative industries.
How much of the world's offshore Renminbi (RMB) payments were processed through Hong Kong at the end of 2023?
75% of the world's offshore RMB payments are processed through Hong Kong.
What does "economic security" refer to in the context of national development?
A country's capability to eliminate risks, resist external impacts, and ensure sustained, healthy economic development.
What are four major risks and challenges to China's economic security?
Stable supplies of resources, industry chain stability, overcapacity in some industries, and weak global economic growth.
When the government identifies economic threats and establishes objectives to safeguard them, it is acting in which role?
Agenda setter.
Which government role involves formulating specific plans and measures, such as income tax concessions, to promote regional integration?
Policy maker.
In what role does the Central Government establish high-level bodies like the Leading Group for GBA development to guide progress?
Leader.
By facilitating cooperation among different financial institutions and stakeholders, the government is fulfilling what role?
Coordinator.
According to Article 53 of the 14th Five-Year Plan, what are three key industries whose risks must be controlled for economic security?
Food production, energy, and financial services.
What are two examples of "new occupations" that have emerged in China's diversifying job market?
Knowledge-and technology-intensive jobs.
How was China's per capita disposable income from 1978 to 2023?
Increased.
What are the four diversified sources of income for China's residents today?
Wages, business income, property income, and government subsidies.
How many units of subsidized and resettlement housing did the government build between 2012 and 2022 to help low-income households?
Over 59 million units.
By the end of 2021, how many people in need were living in public rental housing in China?
More than 38 million.
How has China's consumption structure shifted since the reform and opening-up?
Subsistence consumption to development and enjoyment-based consumption.
According to the 2023 data, what are the two largest categories of per capita consumption expenditure for China's population?
Food, wine, and cigarettes (29.8%) and Housing (22.7%).
Give three examples of how "smart healthcare" is applied in China's medical services.
Remote surgeries (5G), intelligent robots (wards), and electronic systems (medical records).
What were the "three major items" symbolizing economic strength in 1970s China?
Bicycle, watch, and sewing machine.
In the 21st century, what have become the new symbols of economic strength, replacing the older "three major items"?
House, vehicle and banknotes.
What goal did President Xi Jinping set for poverty alleviation after the 18th National People's Congress in 2012?
To "build a moderately prosperous society in all respects" and launch the "fight against poverty."
What are the two main criteria used to identify and remove households from China's poverty list?
"One Income" and "Two Assurances and Three Guarantees."
What is the specific requirement for the "One Income" criterion in poverty alleviation?
The annual per capita net income must steadily exceed the national poverty alleviation standard.
What do the "Two Assurances" refer to in the poverty alleviation criteria?
Stable food and clothing security.
What are the "Three Guarantees" provided as part of China's poverty alleviation criteria?
Compulsory education, basic medical care, and housing security.
What creative strategy did China implement to increase the effectiveness of its efforts to eliminate poverty?
Targeted poverty alleviation.
According to the 2021 white paper, how many rural poor people in China have been lifted out of poverty based on the current standard?
770 million rural poor people.
What industry development strategy was used in Feixiang District to guide farmers in developing diversified projects based on local conditions?
"One village, one product."
What are the two main types of trade?
Visible trade (physical goods) and Invisible trade (services).
What is the name for trade that involves different countries?
External trade or world trade.
What are the three classifications of world trade?
Import, export, and re-export.
What are the three categories of resources that countries use to produce goods?
Natural resources, artificial resources, and human resources.
What is "specialized production" and why do countries engage in it?
Producing goods at the lowest possible cost to improve productivity and economic efficiency.
What are four primary advantages of world trade for a country?
Increased efficiency, a wider range of consumer choice, more employment opportunities, and overall economic growth.
According to the WTO, which country was the world's largest merchandise trade exporter in 2023?
China (merchandise trade exporter).
What is a "Free Trade Zone" (FTZ)?
A designated area where foreign goods can enter and exit freely without tariffs.
What was China's first FTZ, focusing on finance, trade, and shipping?
Shanghai Free Trade Zone.
What agreement, signed in 2020 by 15 countries including China, established the world's largest free trade area?
Regional Comprehensive Economic Partnership (RCEP).
What is "trade protectionism"?
An economic policy that uses high tariffs, quotas, or restrictions to protect domestic industries from foreign competition.
What are five common trade protection policies implemented by governments?
Export subsidies, import duties, import quotas, import restrictions, and embargoes.
What are "export subsidies"?
Cash grants or concessions to exporters to lower prices and increase international competitiveness.
What is an "import quota"?
A quantitative control on imported products during a specific period.
What term refers to prohibiting a specific product from being imported into a country, often for political or legal reasons?
An embargo.
What are three common reasons why countries implement trade protection policies?
To protect local industries, safeguard employment, and impose economic sanctions.
In what year was the World Trade Organization (WTO) established?
1995.
What are the five main functions of the World Trade Organization (WTO)?
Setting trade rules, settling disputes, monitoring policies, assisting developing countries, and outreach.
In what year did China join the World Trade Organization?
How does Hong Kong participate in the WTO as a founding member?
It participates as a single member under the name "Hong Kong, China."
What are four potential impacts of trade conflicts on a country's economy?
Reduced trade volume, reduced competitiveness (higher tariffs), increased investment risks, and rising cost of consumer goods.
How can a country reduce its reliance on trade to mitigate the impact of trade conflicts, as well as actively expanding into new markets?
Establishing good foreign relations.
What is the strategy of targeted poverty alleviation?
It is a method used in China's fight against poverty that strengthens the targeting of aid to increase the overall effectiveness of poverty alleviation.
What are the "Five Measures for Poverty Eradication" mentioned in the poverty alleviation strategy?
What are the five key questions addressed in the "Road to moderate prosperity" for poverty alleviation?
In the context of the "Targeted Efforts in Six Areas", what six actions are shown on the main road before reaching the specific measures?
Arrange targeted programmes
Take household-based measures
Achieve the set goals
Identify the poor accurately
Utilise capital efficiently
Dispatch officials based on village conditions
What are the main challenges to world trade and economic development identified in the sources?
Labour unemployment crisis: Job losses in non-advantageous sectors.
Displacement of less competitive sectors: Local cultural industries, losing out to imports.
“Unfair trade” affects social stability: Worsens the problem of the global disparity of wealth.
What are the main opportunities for Mainland China's external trade?
The primary opportunities for Mainland China's trade include:
Strengthening external cooperation: Actively signing Free Trade Agreements (FTAs) and setting up free trade areas (e.g., RCEP) to facilitate the flow of goods.
Promoting opening-up: Establishing "Free Trade Zones" (FTZs), like the Shanghai FTZ, where foreign goods can enter and exit freely without tariffs.
What are the main opportunities for Hong Kong's external trade?
The primary opportunities for Hong Kong's trade include:
Expanding the network of FTAs: Endeavouring to expand its FTA network (e.g., with Australia, ASEAN, and Peru) to provide better access to international markets.
Strengthening ties with the Mainland: Hong Kong’s major trading partner is the Mainland, selling products/services to the Mainland market and collaborating with GBA enterprises to "go global" together.
What does "expanding domestic demand" involve?
Expanding domestic demand involves promoting the domestic market by boosting production, consumption, and investment, and promoting economic growth through a diversified economy.
What are the key development focuses in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)?
What are the six principles of the development of the Guangdong-Hong Kong-Macao Greater Bay Area?
