Chapter 4 Economy

No country has ever experienced an economic growth that China has had in the past few years. China has grown 10% annually for the past 25 years. China is growing so fast that other countries see China as a threat due to their economic prosperity. Yes, China may take a big chunk of the worlds GDP pie, but every year that pie is getting bigger and bigger. Everyone is able to get more money every year due to the pie growing. MMMMM pie, I’m craving a home baked apple pie now. Back to Chinas economy, there has actually been some economic controversy in China. There is a huge problem with intellectual property rights. It’s so bad that some companies, such as Nintendo won’t do business in China. The Xiushui silk market is the prime spot to get counterfeit goods. In fact, I bought a cheap Celtics jersey when we first got to China. I was able to barter a fanny pack from 400 yuan to 50 yuan and then I walked away because I lost interest in the fanny pack. Yea, I know, that was a total savage move. Surprisingly the government does not set the prices for goods, instead they establish the exchange rate of the currency. The Chinese yuan is not freely convertible, yet the yuan is convertible on current account transactions. In my time in China I have been able to experience some basic economic principles. The photos below is of me rocking my 100 yuan Isaiah Thomas jersey. I have to rep the UW alum in the city streets of Shanghai. Also that bus in the background hit. He gave me 300 yuan and we called it good…..