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95-453: The stores themselves vary in size. A thirty hectares (74 acres) cold store with 200,000 tonne capacity was planned for Wuhan, China . A cool warehouse or cold storage warehouse is a warehouse where perishable goods are stored and refrigerated . Products stored can be, amongst other things, food , especially meat , other agricultural products , pharmaceutical drugs , other chemicals and blood . This food -related article

190-641: A Creative City by UNESCO , in the field of design. Wuhan is classified as a Beta- (global second tier) city together with seven other cities in China, including Changsha , Dalian , Jinan , Shenyang , Xiamen , Xi'an and Zhengzhou by the Globalization and World Cities Research Network . Wuhan is also one of the world's top 100 financial centers, according to the Global Financial Centres Index . The name "Wuhan" comes from

285-509: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way

380-782: A center for the arts (especially poetry) and for intellectual studies. Cui Hao , a celebrated poet of the Tang dynasty , visited the Yellow Crane Tower in the early 8th century; his poem made it the most celebrated building in southern China. In spring 877, Wang Xianzhi captured E Prefecture ( 鄂州 , in modern Wuhan). He then returned north, joining forces with Huang again, and they surrounded Song Wei at Song Prefecture ( 宋州 , in modern Shangqiu , Henan ). In winter 877, Huang Chao pillaged Qi and Huang ( 黃州 , in modern Wuhan) Prefectures. Before Kublai Khan arrived in 1259, word reached him that Möngke had died. Kublai decided to keep

475-771: A central event in the Romance of the Three Kingdoms —the Battle of Red Cliffs —took place near the Yangtze River , with the cliffs near Wuhan identified as one of the potential locations. Around that time, walls were built to protect Hanyang (AD 206) and Wuchang (AD 223). The latter event marks the foundation of Wuhan. In AD 223, the Yellow Crane Tower , one of the Four Great Towers of China ,

570-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from

665-521: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if

760-650: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of

855-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in

950-780: A great many students for study overseas, which well promoted the development of China's modern education. Furthermore, he trained a modern military and organized a modern army including a zhen and a xie (both zhen and xie are military units in the Qing dynasty) in Hubei. Originally known as the Hubei Arsenal, the Hanyang Arsenal was founded in 1891, who diverted funds from the Nanyang Fleet in Guangdong to build

1045-919: A new City of Wuchang, but in October 1946 were separated into the City of Wuchang (including Wuchang only) and the County of Hanyang. Hankou became a centrally controlled municipality in August 1947. Militarily, the Wuhan Forward Headquarters was established in Wuhan, headed by Bai Chongxi . During the later stages of the Chinese Civil War, Bai sought to broker peace, proposing that the Communist Party could rule northern China while

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1140-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by

1235-460: Is a stub . You can help Misplaced Pages by expanding it . Wuhan, China Wuhan is the capital of Hubei , China. With a population of over eleven million, it is the most populous city in Hubei and the seventh-most-populous city in China. It is also one of the nine national central cities . Wuhan historically served as a busy city port for commerce and trading with some crucial influences on Chinese history . The name "Wuhan" came from

1330-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring

1425-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by

1520-474: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much

1615-473: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities

1710-541: Is headquartered in Wuhan. The city is home to multiple notable institutes of higher education, including Wuhan University and the Huazhong University of Science and Technology . Wuhan is a major city in the world by scientific research outputs and it ranks 9th globally and 5th in the Asia-Pacific & China (after Beijing , Shanghai , Nanjing and Guangzhou ). In 2017, Wuhan was designated as

1805-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors

1900-682: Is located nearby. Historically, Wuhan has suffered risks of flooding, prompting the government to alleviate the situation by introducing ecologically friendly absorption mechanisms. While Wuhan has been a traditional manufacturing hub for decades, it is also one of the areas promoting modern industrial changes in China. Wuhan has three national development zones, four scientific and technological development parks, over 350 research institutes, 1,656 high tech enterprises, numerous enterprise incubators and investments from 230 Fortune Global 500 firms. It produced GDP (nominal) of US$ 274 billion in 2021. The Dongfeng Motor Corporation , an automobile manufacturer,

1995-551: Is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as

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2090-480: Is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund . The ratio of GDP to the total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in

2185-630: Is sometimes referred to as "the Chicago of China" by foreign sources. The "Golden Waterway" of the Yangtze River and the Han River traverse the urban area and divide Wuhan into the three districts of Wuchang , Hankou , and Hanyang . The Wuhan Yangtze River Bridge crosses the Yangtze in the city. The Three Gorges Dam , the world's largest power station in terms of installed capacity ,

2280-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within

2375-453: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP

2470-662: The Beijing–Hankou railway with the Guangdong–Hankou railway into the Beijing–Guangzhou railway , making Wuhan a 'thoroughfare to nine provinces' ( 九省通衢 ) in name and in fact. After Chengdu Conference, Mao went to Chongqing and Wuhan in April to inspect the countryside and factories. In Wuhan, he called all the leaders of provinces and municipalities who had not attended Chengdu Conference to report their work. Tian Jiaying,

2565-582: The COVID-19 pandemic , was first discovered in Wuhan and the city was the location of the first lockdown of the pandemic in January 2020. Wuhan is considered the political, economic, financial, commercial, cultural, and educational center of Central China. It is a major transportation hub, with dozens of railways, roads, and expressways passing through the city and connecting to other major cities. Because of its key role in domestic transportation, Wuhan

2660-573: The Erligang culture ( c.  1510  – c.  1460  BC) (being sparsely populated during the earlier Erlitou period ), is located in modern-day Huangpi District of Wuhan. During the Western Zhou the State of E , which gives its name to the single character abbreviation for Hubei province, controlled the present-day Wuchang area south of the Yangtze River. After the conquest of

2755-617: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP

2850-553: The Northern and Southern dynasties period, the Wuhan area was part of the successive Southern dynasty states Liu Song (420–479), Southern Qi (479–502), Liang , and Western Liang . In fall 550, Hou Jing sent Ren Yue to attack both Xiao Daxin and Xiao Fan's son Xiao Si ( 蕭嗣 ). Ren killed Xiao Si in battle, and Xiao Daxin, unable to resist, surrendered, allowing Hou to take his domain under control. Meanwhile, Xiao Guan, who had by now settled at Jiangxia ( 江夏 , in modern Wuhan),

2945-532: The Qing dynasty which ended 2,000 years of dynastic rule . Wuhan was briefly a capital of China twice, in 1927 under a left wing Kuomintang (KMT) government , and in 1937 as a provisional wartime capital during World War II . In 1938, during the Second Sino-Japanese War , the city was the site of the Battle of Wuhan . On December 31, 2019, SARS-CoV-2 , a novel coronavirus that later caused

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3040-538: The Soviet Volunteer Group in both planes and personnel, as U.S. support in war materials waned. As the battle raged on through 1938, Wuhan and the surrounding region had become the site of the Battle of Wuhan . After being taken by the Japanese in late 1938, Wuhan became a major Japanese logistics center for operations in southern China. In early October 1938, Japanese troops moved east and north in

3135-577: The Yangtze River in Wuhan to collect the information needed for opening the trading port in Wuhan. In the spring of 1861, Counselor Harry Smith Parkes and Admiral Herbert were sent to Wuhan to open a trading port. On the basis of the Convention of Peking , Parkes concluded the Hankou Lend-Lease Treaty with Guan Wen, the governor-general of Hunan and Hubei. It brought an area of 30.53 square kilometers (11.79 sq mi) along

3230-410: The cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP

3325-611: The train ferries for crossing the Yangtze River in Wuhan. The project of building the Wuhan Yangtze River Bridge , also known as the First Yangtze River Bridge, was regarded as one of the key projects during the first five-year plan. On October 25, 1955, construction began on the bridge proper. The same day in 1957, the whole project was completed and an opening-to-traffic ceremony was held on October 15. The First Yangtze River Bridge united

3420-589: The 11th, the revolutionary army took the whole city of Wuchang, but leaders such as Jiang Yiwu and Sun Wu disappeared. Thus the leaderless revolutionary army recommended Li Yuanhong , the assistant governor of the Qing army, as the commander-in-chief. Li founded the Hubei Military Government, proclaimed the abolition of the Qing rule in Hubei, the founding of the Republic of China and published an open telegram calling for other provinces to join

3515-647: The Communists within the party, which marked the end of the First United Front , and Chiang Kai-shek briefly stepped down as the commander of the National Revolutionary Army. In June 1927, Stalin sent a telegram to the Communists in Wuhan, calling for the mobilization of an army of workers and peasants. This alarmed Wang Jingwei, who decided to break with the Communists and come to terms with Chiang Kai-shek. The Wuhan coup

3610-535: The E state in 863 BC, the present-day Wuhan area was controlled by the State of Chu for the rest of the Western Zhou and Eastern Zhou periods. After the State of Huang was conquered by State of Chu in the summer of 648 BC, the people of Huang were moved into the area in and around present-day Wuhan. Local geographical terms including the name of Wuhan's Huangpi District were named after the State of Huang. Chu

3705-516: The KMT gunboat Zhongshan came up against six Japanese aircraft. Though two were eventually shot down, the Zhongshan sank with 25 casualties. Raised from the bottom of the Yangtze River in 1997, and restored at a local shipyard, the Zhongshan has been moved to a purpose-built museum in Wuhan's suburban Jiangxia District , which opened on September 26, 2011. As a key center on the Yangtze, Wuhan

3800-537: The Nationalist government retained southern China. This was rejected, and on May 15, 1949, Bai and the Wuhan garrison retreated from the city. People's Liberation Army troops entered Wuhan on the afternoon of Monday, May 16, 1949. The Communists redeveloped industry in Wuhan, which had damaged by war. During the PRC's first decade, it became an important center of industry again. Hundreds of factories were built in

3895-718: The Northern Expedition was interrupted by the political split in the Kuomintang following the formation of the Nanjing faction in April 1927 against the existing faction in Wuhan. Members of the Chinese Communist Party , who had survived the April 12 massacre, met at Wuhan and reelected Chen Duxiu (Ch'en Tu-hsiu) as the Party's Secretary General. The split was partially motivated by the purge of

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3990-491: The Russian concession. Japanese immigrants, mainly traders, also started arriving in 1874. In 1889, Zhang Zhidong was transferred from Viceroy of Liangguang ( Guangdong and Guangxi provinces) to Viceroy of Huguang ( Hunan and Hubei provinces). He governed the province for 18 years, until 1907. During this period, he elucidated the theory of "Chinese learning as the basis, Western learning for application," known as

4085-801: The Wuhan area was controlled for many years by rebel forces and the Yellow Crane Tower, Xingfu Temple , Zhuodaoquan Temple and other buildings were repurposed or damaged. During the Second Opium War (known in the West as the Arrow War, 1856–1860), the government of the Qing dynasty was defeated by the western powers and signed the Treaties of Tianjin and the Convention of Peking , which stipulated eleven cities or regions (including Hankou) as trading ports. In December 1858, James Bruce, 8th Earl of Elgin , High Commissioner to China, led four warships up

4180-802: The Xinhai year on the Chinese calendar. The city has several museums and memorials to the revolution and the thousands of martyrs who died defending the revolution. With the northern extension of the Northern Expedition , the center of the Great Revolution shifted from the Pearl River basin to the Yangtze River basin. On November 26, the Kuomintang Central Political Committee decided to move

4275-454: The Yangtze River (from latter-day Jianghan Road to Hezuo Road) to become a British Concession and permitted Britain to set up its consulate in the concession. In 1862, Russian tea merchants arrived in the treaty port of Hankou. Russians in Hankou established four factories using assembly lines and machinery to produce brick tea, and became the city's richest industrialists in what would become

4370-646: The Yangtze River boom town, was "the St. Louis and Chicago of China." On October 10, 1911, Sun Yat-sen 's followers launched the Wuchang Uprising , which led to the collapse of the Qing state and 2,000 years of dynastic rule, as well as the establishment of the Republic of China . The Wuchang Uprising of October 1911, which overthrew the Qing dynasty, originated in Wuhan. Before the uprising, anti-Qing secret societies were active in Wuhan. In September 1911,

4465-496: The Yangtze River. In 1926, the Northern Expedition reached the Wuhan area and it was decided to merge Hankou, Wuchang and Hanyang into one city in order to make a new capital for Nationalist China. On January 1, 1927, the resulting city was proclaimed as ' 武漢 ' (the traditional Chinese characters for 'Wuhan'), which was later simplified as ' 武汉 ' (also 'Wuhan'). The Wuhan area has been settled for 3,500 years. Panlongcheng , an archaeological site primarily associated with

4560-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,

4655-491: The arsenal. It cost about 250,000 pounds sterling and was built in 4 years. On April 23, 1894, construction was completed and the arsenal, occupying some 40 acres (160,000 m ), could start production of small-caliber cannons. It built magazine-fed rifles, Gruson quick fire guns, and cartridges. In 1896, the Russian Empire also acquired a concession in Hankou. By 1900, according to Collier's magazine, Hankou,

4750-493: The banks of Han River in Hanyang District , all on-board perished (there were varying accounts of number of crews and passengers). In addition, the crash also killed 7 people on the ground. GDP (nominal) Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP

4845-430: The capital from Guangzhou to Wuhan. In mid-December, most of the KMT central executive commissioners and national government commissioners arrived in Wuhan, set up the temporary joint conference of central executive commissioners and National Government commissioners, performed the top functions of central party headquarters and National Government, declared they would work in Wuhan on January 1, 1927, and decided to combine

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4940-517: The city's historical origin from the conglomeration of Wuchang , Hankou , and Hanyang , which are collectively known as the "Three Towns of Wuhan" ( 武汉三镇 ). Wuhan lies in the eastern Jianghan Plain , at the confluence of the Yangtze river and its largest tributary, the Han River , and is known as "Nine Provinces' Thoroughfare" ( 九省通衢 ). Wuhan was the site of the 1911 Wuchang Uprising against

5035-624: The city, including most prominently Wuhan Iron and Steel , which opened in 1958. The Changjiang Water Resources Commission was reestablished in February 1950 with its headquarters in Wuhan. From June to September 1954, the Yangtze River Floods were a series of catastrophic floodings that occurred mostly in Hubei Province. Due to an unusually high volume of precipitation as well as an extraordinarily long rainy season in

5130-494: The city, making Wuhan an important transshipment point between rail and river traffic. Also during this period foreign powers extracted mercantile concessions, with the riverfront of Hankou being divided up into foreign-controlled merchant districts. These districts contained trading firm offices, warehouses, and docking facilities. The French had a concession in Hankou. During the Taiping Heavenly Kingdom ,

5225-419: The city, with 30,000 sheltering on a railway embankment in central Hankou. With little food and a complete breakdown in sanitation, thousands soon began to succumb to diseases. Jin Shilong, Senior Engineer at the Hubei Flood Prevention Agency, described the flooding: There was no warning, only a sudden great wall of water. Most of Wuhan's buildings in those days were only one story high, and for many people there

5320-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In

5415-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP

5510-407: The death of his brother secret and continued the attack on the Wuhan area, near the Yangtze . The present-day Wuying Pagoda was constructed at the end of the Song dynasty between attacks by the Mongolian forces. Under the Mongol rulers ( Yuan dynasty ) (after 1301), the Wuchang prefecture , headquartered in the town, became the capital of Hubei province. Hankou, from the Ming to late Qing ,

5605-406: The height of the Cultural Revolution . Economic development was further disrupted by the Cultural Revolution. In 1981, the Wuhan City Government commenced reconstruction of the Yellow Crane Tower at a new location, about 1 km (0.62 mi) from the original site, and it was completed in 1985. In 1957, the Wuhan Yangtze River Bridge was built with one trestle of the bridge on the site of

5700-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income

5795-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by

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5890-419: The middle stretch of the Yangtze River late in the spring of 1954, the river started to rise above its usual level in around late June. In 1969, a large stone monument was erected in the riverside park in Hankou honoring the heroic deeds in fighting the 1954 Yangtze River floods. Before construction of the Wuhan Yangtze River Bridge , Hunslet Engine Company built two extra heavy 0-8-0 locomotives for loading

5985-498: The outbreak of the protests in Sichuan forced the Qing authorities to send part of the New Army garrisoned in Wuhan to suppress the rebellion. On September 14 the Literary Society ( 文學社 ) and the Progressive Association ( 共進會 ), two local revolutionary organizations in Hubei, set up joint headquarters in Wuchang and planned for an uprising. On the morning of October 9, a bomb at the office of the political arrangement exploded prematurely and alerted local authorities. The proclamation for

6080-401: The outskirts of Wuhan. As a result, numerous companies and enterprises and large numbers of people had to withdraw from Wuhan to the west of Hubei and Sichuan. The KMT navy undertook the responsibility of defending the Yangtze River on patrol and covering the withdrawal. On October 24, while overseeing the waters of the Yangtze River near the town of Jinkou (Jiangxia District in Wuhan) in Wuchang,

6175-415: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from

6270-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to

6365-440: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value

6460-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as

6555-462: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020

6650-439: The revolution. As the revolution spread to other parts of the country, the Qing government concentrated loyalist military forces to suppress the uprising in Wuhan. From October 17 to December 1, the revolutionary army and local volunteers defended the city in the Battle of Yangxia against better armed and more numerous Qing forces commanded by Yuan Shikai . Huang Xing would arrive in Wuhan in early November to take command of

6745-415: The revolutionary army. After fierce fighting and heavy casualties, Qing forces seized Hankou and Hanyang. But Yuan agreed to halt the advance on Wuchang and participated in peace talks , which would eventually lead to the return of Sun Yat-sen from exile, founding of the Republic of China on January 1, 1912. Through the Wuchang Uprising, Wuhan is known as the birthplace of the Xinhai Revolution, named after

6840-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of

6935-526: The secretary of Mao, said that Wuhan Conference was a supplement to Chengdu Conference. As the Third Front campaign shifted the focus of industrial development to China's hinterlands, Wuhan's development slowed. In July 1967, civil strife struck the city in the Wuhan Incident ("July 20th Incident"), an armed conflict between two hostile groups who were fighting for control over the city at

7030-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference

7125-542: The ti-yong ideal. He set up many heavy industries, founded Hanyang Steel Plant, Daye Iron Mine, Pingxiang Coal Mine and Hubei Arsenal and set up local textile industries, boosting the flourishing modern industry in Wuhan. Meanwhile, he initiated education reform, opened dozens of modern educational organizations successively, such as Lianghu (Hunan and Hubei) Academy of Classical Learning, Civil General Institute, Military General Institute, Foreign Languages Institute and Lianghu (Hunan and Hubei) General Normal School, and selected

7220-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within

7315-585: The tower, which had been last destroyed in 1884. During the 1989 Tiananmen Square protests , students in Wuhan blocked the Yangtze River Railway bridge and another 4,000 gathered at the railway station. About one thousand students staged a railroad 'sit-in'. Rail traffic on the Beijing-Guangzhou and Wuhan-Dalian lines was interrupted. The students also urged employees of major state-owned enterprises to go on strike. The situation

7410-745: The towns of Wuchang, Hankou , and Hanyang into Wuhan City, called "Capital District". The new national government, later known as " Wuhan nationalist government ", was based in the Nanyang Building in Hankou, while the central party headquarters and other organizations chose their locations in Hankou or Wuchang. In March 1927, Mao Zedong appeared at the Third Plenum of the KMT Central Executive Committee in Wuhan, which sought to strip General Chiang of his power by appointing Wang Jingwei leader. The first phase of

7505-449: The two major cities on the banks of the Yangtze River that make up the Wuhan metropolis: "Wu" refers to the city of Wuchang ( Chinese : 武昌 ), which lies on the southern bank of the Yangtze, while "Han" refers to the city of Hankou ( Chinese : 汉口 ), which lies on the northern bank of the Yangtze. "Hankou" means "Mouth of the Han", from its position at the confluence of the Han with

7600-516: The uprising at the engineering barracks of Hubei New Army . They then led the New Army of all barracks to join the revolution. Under the guidance of Wu Zhaolin, Cai Jimin and others, this revolutionary army seized the official residence of the governor and government offices. Rui Cheng fled in panic into the Chuyu ship. Zhang Biao, the commander of the Qing army, also fled the city. On the morning of

7695-407: The uprising, beadroll and the revolutionaries’ official seal fell into the hands of Rui Cheng, the governor-general of Hunan and Hubei, who demolished the uprising headquarters the same day and set out to arrest the revolutionaries listed in the beadroll. This forced the revolutionaries to launch the uprising earlier than planned. On the night of October 10, the revolutionaries fired shots to signal

7790-598: The victims. During the Second Sino-Japanese War and following the fall of Nanking in December 1937, Wuhan had become the provisional capital of China's Kuomintang government, and became another focal point of pitched air battles beginning in early 1938 between modern monoplane bomber and fighter aircraft of the Imperial Japanese forces and the Chinese Air Force , which included support from

7885-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give

7980-440: Was a political shift made on July 15, 1927, by Wang Jingwei towards Chiang Kai-shek, and his Shanghai -based rival in the Kuomintang. The Wuhan Nationalist Government was established in Wuhan on February 21, 1927, and ended by August 19, 1927. After the end of the Northern Expedition, Hankou was elevated to a centrally-controlled municipality. In the 1931 China floods , one of the deadliest flood disasters in world history, Wuhan

8075-478: Was a refuge for flood victims from outlying areas, who had been arriving since the late spring. But when the city itself was inundated in the early summer, and after a catastrophic dike failure just before 6:00 AM on July 27, an estimated 782,189 urban citizens and rural refugees were left homeless. The flood covered an area of 32 square miles and the city was flooded under many feet of water for close to three months. Large numbers gathered on flood islands throughout

8170-414: Was an important base for Japanese operations in China. On December 18, 1944, in a planned strategic move, and as revenge for the torture and execution of three captured American pilots by Japanese soldiers in the city, Wuhan was bombed by 77 American bombers with the approval of Chiang Kai-Shek. This set off a firestorm that destroyed much of the military resources of the city. For the next three days, Wuhan

8265-566: Was bombed by the Americans, destroying all of the docks and warehouses of Wuhan, as well as the Japanese air bases in the city. The air raids also killed thousands of Chinese civilians. "According to casualty statistics compiled by Hankou city in 1946, more than 20,000 were killed or injured in the December bombings of 1944." Wuhan returned to Chinese control in September 1945. Administratively, Wuchang and Hanyang were initially combined into

8360-800: Was constructed on the Wuchang side of the Yangtze River by order of Sun Quan , leader of the Eastern Wu . The tower became a sacred site of Taoism . Due to tensions between the Eastern Wu and Cao Wei kingdoms, in the autumn of 228, Cao Rui , grandson of Cao Cao and the second emperor of the state of Cao Wei , ordered the general Man Chong to lead troops to Xiakou ( 夏口 ; in present-day Wuhan). In 279, Wang Jun and his army conquered strategic locations in Wu territory such as Xiling (in present-day Yichang , Hubei), Xiakou ( 夏口 ; present-day Hankou) and Wuchang ( 武昌 ; present-day Ezhou , Hubei). During

8455-493: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by

8550-556: Was in turn conquered by Qin in 223 BC. During the Han dynasty , Hanyang became a fairly busy port. The Battle of Xiakou in AD ;203 and Battle of Jiangxia five years later were fought in the region over control of Jiangxia Commandery , territories of which included much of present-day eastern Hubei. In the winter of 208/9, one of the most famous battles in Chinese history and

8645-454: Was no escape – they died by the tens of thousands. ... I was just coming off duty at the company's main office, a fairly new three-story building near the center of town ... When I heard the terrible noise and saw the wall of water coming, I raced to the top story of the building. ... I was in one of the tallest and strongest buildings left standing. At that time no one knew whether the water would subside or rise even higher. The high-water mark

8740-433: Was planning to attack Hou, but this drew Xiao Yi's ire—believing that Xiao Guan was intending to contend for the throne—and he sent Wang to attack Xiao Guan. In summer 567, Chen Xu commissioned Wu Mingche as the governor of Xiang Province and had him command a major part of the troops against Hua, along with Chunyu Liang ( 淳于量 ). The opposing sides met at Zhuankou ( 沌口 , in modern Wuhan). The city has long been renowned as

8835-509: Was reached on August 19 at Hankou, with the water level exceeding 16 m (53 ft) above normal. In 1936, when natural disaster struck Central China with widespread flooding affecting Hebei , Hunan , Jiangxi , Wuhan and Chongqing caused by the Yangtze and Huai Rivers bursting their banks, Ong Seok Kim , as Chairman of the Sitiawan Fundraising and Disaster Relief Committee, raised money and materials in support of

8930-594: Was so tense that residents reportedly began a bank run and resorted to panic-buying. Wuhan was the first stop on Deng Xiaoping 's 1992 southern tour . In the wake of the United States bombing of the Chinese embassy in Belgrade on May 7, 1999, protests broke out throughout China, including in Wuhan. On June 22, 2000, a Wuhan Airlines flight from Enshi to Wuhan was forced to circle for 30 minutes due to thunderstorms. The aircraft eventually crashed on

9025-527: Was under the administration of the local government in Hanyang , although it was already one of the four major national markets ( zh:四大名镇 ) of the Ming dynasty. Hanyang's Guiyuan Temple was completed in the 15th year of Shunzhi (1658). By the dawn of the 18th century, Hankou had become one of China's top four trading centers. In the late 19th century, railroads were extended on a north–south axis through

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