China is and will be the engine of global economic growth. Our own fortunes are inexorably tied to those of the Middle Kingdom. But how much do you really know about China’s economy?
Well, as the boffins in Westpac’s China research team put it, it’s “time for some productive procrastination, or perhaps a little cynical wagering with knowledge-poor but opinion-rich colleagues”. This week’s “Phat dragon” newsletter features a quiz to test their clients’ knowledge. We’ve extracted seven of the 16 below (the solutions are at the bottom).
Q1. Between 1990 and 2008, world steel output per head rose by 36%. If you take China out of those figures, global steel output per head would have...
a) Been roughly unchanged.
b) Increased by less than 10%.
c) Risen by more than 10%.
d) Fallen by less than 10%.
e) Fallen by more than 10%.
Q2. Which of the following is true:
a) China is the second-wealthiest of the BRICs economies.
b) China’s GDP per capita is yet to exceed that of Malaysia or Thailand.
c) China’s GDP per capita is around the same level as South Korea’s was at the time of the Seoul Olympic Games.
d) All of the above.
Q3. By how much has China’s trade weighted real exchange rate appreciated (on a relative consumer prices basis) since the de-peg in 2005?
a) Less than 5%.
b) More than 5% but less than 10%.
c) More than 10% but less than 20%.
d) more than 20%.
Q4. Which of the following indicators increased the most in percentage terms between 2001 and 2010?
a) The number of automobiles.
b) The volume of steel output.
c) The volume of housing completions.
d) The volume of power production.
Q5. Incoming premier Li Keqiang has a PhD in economics. What was the main subject of his doctoral thesis?
a) The middle income trap.
b) Preobrazhensky’s new economic policy.
d) Governance and development.
Q6. Is the average monthly minimum wage in China (assuming a USD/CNY rate of 6.25) closer to:
Q7. Which of these foods is the major source of meat protein in China?
d) Sheep meat.
Answers: Q1: d) Fallen by less than 10%. Q2: d) All of the above. Q3: d) More than 20%. Q4: a) The number of automobiles (+333%, versus steel +321%, electricity 186%, housing 158%). Q5: c) Urbanisation. Q6: b) $US200. Q7: b) Pork.