The economy in China and its effects on the world

China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the world's fastest growing consumer market and second largest importer of goods in the world. It is a net importer of services products.

Before China’s devaluation in August 2016 roiled global markets and spurred some of the hedge fund industry’s biggest names to bet against the Yuan, a small cohort of researchers saw the whole thing coming. By that time, the People’s Bank of China (PBOC) surprised markets with three consecutive devaluations of the yuan, knocking over 3% off its value. Since 2005, China’s currency has appreciated 33% against the US dollar and the first devaluation on August 11 marked the largest single drop in 20 years.

China has been criticized by Western media for unfair trade practices, including artificial currency devaluation, intellectual property theft, protectionism, and local favoritism due to one-party oligopoly by the Communist Party of China and its socialist market economy. The rate of economic growth of the Chinese economy has started slowing with fears of an impending hard landing of the economy. With the devaluation occurring just days after data showed a sharp fall in China’s exports, many believe that China's insistance that the move was motivated by market-oriented reforms is just a convenient excuse. The Chinese government claimed that its exports had fallen 8.3% in July from the previous year.

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