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Economics

(917 words)

Author(s): Fischer, Doris
The beginnings of the economic sciences in China go back to the late 19th century when foreign lecturers gave the first talks about this topic. The term jingjixue as a translation for the English term "economics" was later taken over from the Japanese. The combination of characters jingji also has roots in the Chinese tradition. Jingji described the ability to govern. In the first half of the 20th century the spread of the economic sciences was facilitated by students returning from abroad (students abroad) and translations from American, German, and Japa…

Hubei

(1,137 words)

Author(s): Fischer, Doris
E Wuhan 102 counties, 36 cities 56.93 million inhabitants 185,900 km2 306 inhabitants per km2 The province of Hubei is located along the middle reaches of the Yangzi (Chang Jiang). It is interspersed with hilly and mountainous landscapes, like Wu Shan and Wudang Shan to the west and to the northwest respectively, and Tongbai Shan and Dabie Shan to the northeast. Formative for both its topography and economic development are the two great rivers: the Yangzi and the Han Shui, and their tributaries. The provincial capital of Wuhan is located at the estuary of the Han into the Yangzi. Annual aver…

Market and Competition

(2,520 words)

Author(s): Fischer, Doris
The Chinese economy had a mainly agrarian character until after the middle of the 20th century. Besides agriculture, there existed well-developed handicrafts. After the Opium Wars, imported and industrial goods penetrated the market, but their influence remained limited mostly to the Treaty Ports which were opened to foreign traders and investors, to regions along the great rivers, and to Manchuria. Market organization, production, and division of labor in pre-revolution rural China have been characterized by G.W. Skinner with the concept of the standard…

Wuhan

(401 words)

Author(s): Fischer, Doris
The capital of Hubei province is situated where the Han River flows into the middle reaches of the Yangzi . With 7.32 million inhabitants in 1998 (2006: 8.19 million) on 8467 km², the 13 counties have a population density of 864 inhabitants per km²; within the actual metropolitan area, the density lies at approximately 2700 inhabitants per km². Considering its non-agrarian population of 4.28 million inhabitants, Wuhan is the fifth-largest city of China. It is China's most important inland port.…

Banking

(2,447 words)

Author(s): Fischer, Doris | Schüller, Margot
1. People's Republic of China After the founding of the People's Republic, the banking system was transformed into a mono-banking system as part of the process of socialist transformation. At its center stood the People's Bank of China (PBoC) that had been established in 1948 already. Until 1970 the PBoC was subordinate to the State Council and between 1970 and 1978 to the Ministry of Finance. By 1955 all private credit institutions established prior to 1949 were either liquidated or integrated into …

Insurance Sector

(1,103 words)

Author(s): Fischer, Doris | Schüller, Margot
1. People's Republic of China The new government of the People's Republic established the People's Insurance Company of China (PICC) as early as 1949. The company was responsible for all insurance business domestic and abroad. It was at first subordinated to the People's Bank of China (PBoC) and was later put under the jurisdiction of the Ministry of Finance in 1952. After 1958, with the completion of socialist restructuring, the view took hold that insurances were obsolete. For this reason, the PICC…

Stock Markets

(1,860 words)

Author(s): Fischer, Doris | Soong, Eric Sandy | Schüller, Margot
1. People's Republic of China When it seized power in 1949, the Chinese Communist Party (CCP) outlawed trading in securities in Shanghai. The smaller stock markets in Beijing and Tianjin were allowed to continue their operations, although with interruptions, until 1952. Despite ideological reservations, the new government issued government bonds in order to improve its budgetary situation until 1959, but then halted all securities transactions. A gradual rebuilding of the securities markets, initiate…