BeijingBeijing (beɪˈdʒɪŋ ; ; AUDBeijing pronunciation.oggbei3.jing1), alternatively romanized as Peking (piːˈkɪŋ ), is the capital of the People's Republic of China. With over 21 million residents, Beijing is the world's most populous national capital city as well as China's second largest city after Shanghai. It is located in Northern China, and is governed as a municipality under the direct administration of the State Council with 16 urban, suburban, and rural districts.
One country, two systems"One country, two systems" is a constitutional principle of the People's Republic of China (PRC) describing the governance of the special administrative regions of Hong Kong and Macau. The constitutional principle was formulated in the early 1980s during negotiations over Hong Kong between China and the United Kingdom. It provided that there would be only one China, but that these regions could retain their own economic and administrative systems, while the rest of mainland China uses the socialism with Chinese characteristics system.
United States dollarThe United States dollar (symbol: ;currencycode:USD;alsoabbreviatedUS to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. CurrencyA currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies.
Foreign exchange marketThe foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market. The main participants in this market are the larger international banks.
HyperinflationIn economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the supply of currency.
Chinese economic reformThe Chinese economic reform or Chinese economic miracle, also known domestically as Reform and Opening-up (), refers to a variety of economic reforms termed "socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC) that began in the late 20th century. Guided by Deng Xiaoping, who is often credited as the "General Architect", the reforms were launched by reformists within the ruling Chinese Communist Party (CCP) on December 18, 1978, during the "Boluan Fanzheng" period.
Mandarin ChineseMandarin (ˈmændərɪn; ) is a group of Sinitic dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of China. Because Mandarin originated in North China and most Mandarin dialects are found in the north, the group is sometimes referred to as Northern Chinese (). Many varieties of Mandarin, such as those of the Southwest (including Sichuanese) and the Lower Yangtze, are not mutually intelligible with the standard language (or are only partially intelligible).
ShaanxiShaanxi (alternatively Shensi, see § Name) is a landlocked province of China. Officially part of Northwest China, it borders the province-level divisions of Shanxi (NE, E), Henan (E), Hubei (SE), Chongqing (S), Sichuan (SW), Gansu (W), Ningxia (NW) and Inner Mongolia (N). Shaanxi covers an area of over with about 37 million people, the 16th highest in China.
Hong Kong dollarThe Hong Kong dollar (, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar. Three commercial banks are licensed by the Hong Kong Monetary Authority to issue their own banknotes for general circulation in Hong Kong.
YunnanYunnan (UKjuːˈnæn, USˌjuːˈnɑːn; ) is a landlocked province in southwestern China. The province spans approximately and has a population of 48.3 million (as of 2018). The capital of the province is Kunming. The province borders the Chinese provinces of Guizhou, Sichuan, autonomous regions of Guangxi, and Tibet as well as Southeast Asian countries: Vietnam, Laos, and Myanmar. Yunnan is China's fourth least developed province based on disposable income per capita in 2014.
Pound sterlingSterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound (sign: £) is the main unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. In British English, its most common nickname is "quid." Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception.
DollarDollar is the name of more than 20 currencies. The United States dollar, named after the international currency known as the Spanish dollar, was established in 1792 and is the first so named that still survives. Others include the Australian dollar, Brunei dollar, Canadian dollar, Eastern Caribbean dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, Trinidad and Tobago Dollar and several others.
Deng XiaopingDeng Xiaoping (22 August 1904 – 19 February 1997) was a Chinese revolutionary and statesman who served as the paramount leader of the People's Republic of China (PRC) from December 1978 to November 1989. After Chinese Communist Party chairman Mao Zedong's death in 1976, Deng gradually rose to supreme power and led China through a series of far-reaching market-economy reforms earning him the reputation as the "Architect of Modern China".
TianjinTianjin (tjEn'dʒɪn; ; Mandarin: AUDzh-Tianjin.oggtian1.jin1), alternately romanized as Tientsin (ˈtjEn'tsɪn), is a municipality and a coastal metropolis in Northern China on the shore of the Bohai Sea. As such, it is not part of a province of China. It is one of the nine national central cities in Mainland China, with a total population of 13,866,009 inhabitants during the 2020 Chinese census.
Japanese yenThe yen is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the euro. The New Currency Act of 1871 introduced Japan's modern currency system, with the yen defined as of gold, or of silver, and divided decimally into 100 sen or 1,000 rin. The yen replaced the previous Tokugawa coinage as well as the various hansatsu paper currencies issued by feudal han (fiefs).
CoinA 'coin' is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them. The faces of coins or medals are sometimes called the obverse and the reverse, referring to the front and back sides, respectively. The obverse of a coin is commonly called heads, because it often depicts the head of a prominent person, and the reverse is known as tails.
HebeiHebei UKˌhɜː'beɪ or h@'beɪ, UKˈhʌ'beɪ (; alternately Hopeh) is a northern province of China. Hebei is China's sixth most populous province, with over 75 million people. Shijiazhuang is the capital city. The province is 96% Han Chinese, 3% Manchu, 0.8% Hui, and 0.3% Mongol. Three Mandarin dialects are spoken: Jilu Mandarin, Beijing Mandarin and Jin. Hebei borders the provinces of Shanxi to the west, Henan to the south, Shandong to the southeast, Liaoning to the northeast, and the Inner Mongolia Autonomous Region to the north.
Fiat moneyFiat money is a type of currency that is not backed by a commodity, such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was quite rare until the 20th century, but there were some situations where banks or governments stopped honoring redeemability of demand notes or credit notes, usually temporarily. In modern times, fiat money is generally authorized by government regulation. Fiat money generally does not have intrinsic value and does not have use value.
ChinaChina (), officially the People's Republic of China (PRC), is a country in East Asia. It is the world's second-most populous country with a population exceeding 1.4 billion. China spans the equivalent of five time zones and borders fourteen countries by land, tied with Russia as having the most of any country in the world. With an area of nearly , it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two semi-autonomous special administrative regions.
