Qingpu District , is a suburban district of Shanghai Municipality . Lake Dianshan is located in Qingpu.
102-411: The population of Qingpu was counted at 1,271,424 people in the 2020 Census. It has an area of 675.11 km (260.66 sq mi). Qingpu District is the westernmost district of Shanghai Municipality; it is adjacent to Jiangsu and Zhejiang Provinces. Around the lake are a number of tourist scenic areas, all complete in tourist facilities. Among the tourist areas is the waterside town Zhujiajiao ,
204-419: A digital renminbi was going to be released after years of preparation. This version of the currency, also called DCEP (Digital Currency Electronic Payment), can be “decoupled” from the banking system to give visiting tourists a taste of the nation's burgeoning cashless society . The announcement received a variety of responses: some believe it is more about domestic control and surveillance. Some argue that
306-714: A dragon on the obverse and the reverse features the China Millennium monument (at the Center for Cultural and Scientific Fairs). For the 2008 Beijing Olympics , a green ¥10 note was issued featuring the Bird's Nest Stadium on the front with the back showing a classical Olympic discus thrower and various other athletes. On 26 November 2015, the People's Bank of China issued a blue ¥100 commemorative note to commemorate aerospace science and technology. In commemoration of
408-424: A reserve currency is above 60%, while that of the renminbi is about 2%. In April 2020, The Guardian reported that the digital currency e-RMB had been adopted into multiple cities' monetary systems and "some government employees and public servants [will] receive their salaries in the digital currency from May. The Guardian quoted a China Daily report which stated "A sovereign digital currency provides
510-676: A coastline of over 1,000 kilometers (620 mi) along the Yellow Sea , and the Yangtze River passes through the southern part of the province. Since the Sui and Tang dynasties, Jiangsu has been a national economic and commercial center, partly due to the construction of the Grand Canal . Cities such as Nanjing , Suzhou , Wuxi , Changzhou , and Shanghai (separated from Jiangsu in 1927) are all major Chinese economic hubs. Since
612-601: A digital currency "doesn't solve the problem that some people holding renminbi offshore will want to sell that renminbi and exchange it for the dollar", as the dollar is considered to be a safer asset. Eswar Prasad , an economics professor at Cornell University , said that the digital renminbi "will hardly put a dent in the dollar's status as the dominant global reserve currency" due to the United States' "economic dominance, deep and liquid capital markets, and still-robust institutional framework". The U.S. dollar's share as
714-503: A functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level. It may also facilitate integration into globally traded currency markets with a reduced risk of politically inspired disruption." There were talks of testing out the digital renminbi in the Beijing Winter Olympics in 2022, but China's overall timetable for rolling out
816-403: A key element for a market-oriented economy. A floating exchange rate regime and convertibility for renminbi were seen as the ultimate goal of the reform. Conditional convertibility under current account was achieved by allowing firms to surrender their foreign exchange earning from current account transactions and purchase foreign exchange as needed. Restrictions on Foreign Direct Investment (FDI)
918-688: A major tourist destination in the Shanghai region. There are currently 21 domestic travel services, three international travel business departments, 14 star-rated hotels, and 3 AAAA-grade tourist spots in Qingpu District. Qingpu's tourist attractions include the Zhujiajiao Ancient Town, Oriental Land, Jinze Ancient Town, Lake Dianshan , and the Qushui Garden. The China offices of Oishi are located here. Baihe,
1020-678: A metropolis of trade, banking, and cosmopolitanism, and was split out later as an independent municipality. Jiangnan also figures strongly in the Taiping Rebellion (1851 – 1864), a massive and deadly rebellion that attempted to set up a Christian theocracy in China; it started far to the south, in Guangdong province, swept through much of South China, and by 1853, had established Nanjing as its capital, renamed as Tianjing ( 天京 "Heavenly Capital"). The Republic of China
1122-681: A result of foreign exchange management reforms approved by the 14th Central Committee of the Chinese Communist Party , the renminbi was officially devalued from US$ 1 = ¥5.5 to over ¥8, and the FEC was retired at ¥1 FEC = ¥1 RMB in favour of tourists directly using the renminbi. In November 1993, the Third Plenum of the 14th Central Committee of the Chinese Communist Party approved a comprehensive reform strategy in which foreign exchange management reforms were highlighted as
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#17327825609831224-424: A share of their foreign exchange earnings, referred to as foreign exchange quotas. At the same time, the government introduced measures to allow retention of part of the foreign exchange earnings from non-trade sources, such as overseas remittances, port fees paid by foreign vessels, and tourism. As early as October 1980, exporting firms that retained foreign exchange above their own import needs were allowed to sell
1326-470: A trend that was however aborted. The Qing dynasty converted Nanzhili to "Jiangnan province"; in 1666 Jiangsu and Anhui were split apart as separate provinces. Jiangsu's borders have been for the most part stable since then. With the start of Western incursion into China in the 1840s, the rich and mercantile Yangtze river delta was increasingly exposed to Western influence; Shanghai , originally an unremarkable little town of Jiangsu, quickly developed into
1428-507: A well-developed irrigation system, which earned it (especially the southern half) the moniker of traditional Chinese : 水鄕 ; simplified Chinese : 水乡 ( shuǐxiāng "land of water"). The southern city of Suzhou has so many canals that it has been dubbed " Venice of the East " or the "Venice of the Orient". The Grand Canal of China cuts through Jiangsu from north to south, crossing all
1530-505: Is " 苏 " ( Sū ), the second character of its name. During the earliest Chinese dynasties, the area that is now Jiangsu was far away from the center of Chinese civilization, which was in the northwest Henan ; it was home of the Huai barbarians ( 淮夷 ), an ancient ethnic group. During the Zhou dynasty more contact was made, and eventually the state of Wu appeared in southern Jiangsu, one of
1632-550: Is also in Qingpu District. The Shanghai Business and Information College (SBIC)（Chinese: 上海工商信息学校）is located at No. 2025 Park East Road, Qingpu District. Qingpu District has three subdistricts and eight towns. Jiangsu Jiangsu is an eastern coastal province of the People's Republic of China . It is one of the leading provinces in finance, education, technology, and tourism, with its capital in Nanjing . Jiangsu
1734-599: Is carried out by a state owned corporation, China Banknote Printing and Minting Corporation ( CBPMC ; 中国印钞造币总公司 ) headquartered in Beijing . CBPMC uses several printing, engraving and minting facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, Shanghai , Chengdu , Xi'an , Shijiazhuang , and Nanchang . Mints are located in Nanjing , Shanghai, and Shenyang . Also, high grade paper for
1836-405: Is divided into thirteen prefecture-level divisions , all prefecture-level cities (including a sub-provincial city ): These prefecture-level cities are in turn subdivided into 95 county-level divisions (55 districts , 21 county-level cities , and 19 counties ). Those are in turn divided into 1,237 township-level divisions (699 towns , 19 townships , and 519 subdistricts ). At the end of
1938-601: Is extensively networked with expressways, going in all directions. The Yanhai Expressway links the coastal regions of the province, passing through Nantong , Yancheng , and Lianyungang . Historically, the province was divided by the Yangtze River into northern and southern regions. The first bridge across the river in Jiangsu, the Nanjing Yangtze River Bridge , was completed in 1968 during
2040-471: Is home to one of the most extensive transportation networks in China. Nanjing Lukou International Airport ( IATA : NKG ) serves as the major airport in the province, with flights to Tokyo, Osaka, Hong Kong, Seoul-Incheon, Frankfurt, Bangkok, Milan, Vancouver and Los Angeles. Other passenger airports include Sunan Shuofang International Airport , Changzhou Benniu Airport , Yangzhou Taizhou International Airport , and Nantong Xingdong Airport . Air traffic in
2142-575: Is on the Jinghu railway from Beijing to Shanghai , as well as the high speed line between the two cities: Shanghai–Nanjing intercity railway and Beijing-Shanghai high-speed railway , completed in 2010 and 2011, respectively. Since the completion of the Beijing-Shanghai high-speed line, travel time between Beijing and Nanjing has been reduced to approximately four hours (from eleven hours previously); travel time between Nanjing and Shanghai on
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#17327825609832244-602: Is one of the most developed in the country. The Beijing–Shanghai Expressway (G2) enters the province from the north and passes through Huai'an, Yangzhou, Taizhou, and Wuxi on the way to Shanghai; travelling from Shanghai westbound, the G2 forks at Wuxi and continues onto Nanjing separately as G42, the Shanghai–Nanjing Expressway , which serves the widely travelled southern corridor of the province. The Ningchang Expressway links Nanjing with Changzhou . The Suzhou area
2346-522: Is printed in simplified written Chinese . The numbers themselves are printed in financial Chinese numeral characters, as well as Arabic numerals . The denomination and the words "People's Bank of China" are also printed in Mongolian , Tibetan , Uyghur and Zhuang on the back of each banknote, in addition to the boldface Hanyu Pinyin "Zhongguo Renmin Yinhang" (without tones). The right front of
2448-575: Is sometimes referred to as the "redback", a play on "greenback", a slang term for the US dollar . The various currencies called yuan or dollar issued in mainland China as well as Taiwan , Hong Kong , Macau and Singapore were all derived from the Spanish dollar , which China imported in large quantities from Spanish America from the 16th to 20th centuries. The first locally minted silver dollar or yuan accepted all over Qing dynasty China (1644–1912)
2550-401: Is the third smallest , but the fifth most populous , with a population of 84.75 million, and the most densely populated of the 23 provinces of the People's Republic of China. Jiangsu has the highest GDP per capita and second-highest GDP of Chinese provinces, after Guangdong . Jiangsu borders Shandong in the north, Anhui to the west, and Zhejiang and Shanghai to the south. Jiangsu has
2652-475: Is to distinguish the rates from those fixed by Chinese central banks on the mainland. The abbreviation RMB is not an ISO code but is sometimes used like one by banks and financial institutions. The currency symbol for the yuan unit is ¥ , but when distinction from the Japanese yen is required RMB (e.g. RMB 10,000) or ¥ RMB (e.g. ¥10,000 RMB) is used. However, in written Chinese contexts,
2754-521: Is widely used to refer to the Chinese currency generally, especially in international contexts. Until 2005, the value of the renminbi was pegged to the US dollar . As China pursued its transition from central planning to a market economy and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that
2856-941: The Chinese Communist Party took control of ever larger territories in the latter part of the Chinese Civil War , its People's Bank of China began to issue a unified currency in 1948 for use in Communist-controlled territories. Also denominated in yuan , this currency was identified by different names, including "People's Bank of China banknotes" ( simplified Chinese : 中国人民银行钞票 ; traditional Chinese : 中國人民銀行鈔票 ; from November 1948), "New Currency" ( simplified Chinese : 新币 ; traditional Chinese : 新幣 ; from December 1948), "People's Bank of China notes" ( simplified Chinese : 中国人民银行券 ; traditional Chinese : 中國人民銀行券 ; from January 1949), "People's Notes" (人民券, as an abbreviation of
2958-476: The Chinese character for yuan (Chinese: 元 ; lit. 'constituent', 'part') or, in formal contexts Chinese: 圆 ; lit. 'round', usually follows the number in lieu of a currency symbol. Renminbi is the name of the currency while yuan is the name of the primary unit of the renminbi. This is analogous to the distinction between " sterling " and " pound " when discussing
3060-409: The Chinese yuan , is the official currency of the People's Republic of China . The renminbi is issued by the People's Bank of China , the monetary authority of China. It is the world's fifth-most-traded currency as of April 2022. The yuan ( 元 ) is the basic unit of the renminbi. One yuan is divided into 10 jiao ( 角 ), and the jiao is further subdivided into 10 fen ( 分 ). The word yuan
3162-676: The Cultural Revolution . The second bridge crossing, Jiangyin Bridge , opened 30 years later at Jiangyin . As of October 2014, there were 11 cross-Yangtze bridges in the province, including the five in Nanjing, which also has two cross-river tunnels. The Jiangyin Bridge (1,385 m (4,544 ft)), Runyang Bridge (opened in 2005, connecting Yangzhou and Zhenjiang, 1,490 m (4,890 ft)), and Fourth Nanjing Bridge (opened in 2012; 1,418 m (4,652 ft)) all rank among
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3264-587: The Double First-Class Construction , ranking second after Beijing . As of 2023, four major cities in Jiangsu ranked in the world's top 200 (Nanjing 6th, Suzhou 40th, Zhenjiang 166th and Wuxi 188th) cities by scientific research output , as tracked by the Nature Index . Jiangsu's name is a compound of the first elements of the names of the two cities of Jiangning (now Nanjing ) and Suzhou . The abbreviation for this province
3366-541: The Huai River cut through north Jiangsu to reach the Yellow Sea . The Huai River is a major river in central China, and it was the traditional border between North China and South China . Since 1194 A.D., the Yellow River further to the north changed its course several times, running into the Huai River in north Jiangsu each time instead of its other usual path northwards into Bohai Bay . The silting caused by
3468-686: The Hui and the Manchus . In 2021, 73.94 percent of the province lived in urban areas, while 26.06 lived in rural areas. Population: 85.05 million (urban: 62.89 million; rural: 39.421 million) Birth rate : 5.65 per 1000 Death rate : 6.77 per 1000 Sex ratio : 103.05 males per 100 females Literacy rate : 96.94% Religion in Jiangsu The predominant religions in Jiangsu are Chinese folk religions , Taoist traditions and Chinese Buddhism . According to surveys conducted in 2007 and 2009, 16.67% of
3570-721: The Jin-Song wars , and Huai River , which used to cut through north Jiangsu to reach the Yellow Sea , was the border between the north, under the Jin, and the south, under the Southern Song dynasty . The Mongols took control of China in the thirteenth century. The Ming dynasty , which was established in 1368 after driving out the Mongols who had occupied China, initially put its capital in Nanjing . Regions surrounding Nanjing, corresponding to Jiangsu and Anhui today, were designated as
3672-866: The Kuomintang government and Communist forces , based further north, mostly in Northeast China . The decisive Huaihai Campaign was fought in northern Jiangsu; it resulted in Kuomintang defeat, and the communists were soon able to cross the Yangtze River and take Nanjing. The Kuomintang fled southward and eventually ended up in Taipei , from which the Republic of China government continues to administer Taiwan , Pescadores , and its neighboring islands, though it also continues to claim (technically, at least) Nanjing as its rightful de jure capital. After
3774-537: The Lake Tai region to the south a major base of silk production in China. Jiangsu is an important producer of freshwater fish and other aquatic products. Jiangsu has coal , petroleum , and natural gas deposits, but its most significant mineral products are non-metal minerals such as halite (rock salt), sulfur , phosphorus , and marble . The city of Xuzhou is a coal hub of China. The salt mines of Huaiyin have more than 0.4 trillion tonnes of deposits, one of
3876-542: The Yellow River was so heavy that after its last episode of "hijacking" the Huai River ended in 1855: the Huai River was no longer able to go through its usual path into the sea. Instead it flooded, pooled up (thereby forming and enlarging Lake Hongze and Lake Gaoyou ), and flowed southwards through the Grand Canal into the Yangtze . The old path of the Huai River is now marked by a series of irrigation channels,
3978-533: The state of Yue , another state that had emerged to the south in modern-day Zhejiang province. Yue was in turn subjugated by the powerful state of Chu from the west in 333 BC. Eventually the state of Qin swept away all the other states, and unified China in 221 BC. Under the reign of the Han dynasty (206 BC to 220 AD), Jiangsu was removed from the centers of civilization in the North China Plain , and
4080-593: The "Jiangsu CCP Party Chief ". In July 2021, the Jiangsu Intermediate Court established a labor tribunal to handle labor disputes arising from the platform economy . As of 2022, Jiangsu had a gross domestic product (GDP) of CNY¥ 12.29 trillion (US$ 1.83 trillion), the second-highest in China after Guangdong. Its GDP is greater than those of Australia and South Korea, which are the world's 12th- and 13th-largest economies respectively. In 2022, Jiangsu's GDP adjusted by purchasing power parity
4182-649: The $ 20,000 mark. Cities like Nanjing, Suzhou , and Wuxi have GDPs per capita around twice the provincial average, making south Jiangsu one of the most prosperous regions in China. The province has an extensive irrigation system supporting its agriculture, which is based primarily on rice and wheat , followed by maize and sorghum . Main cash crops include cotton , soybeans , peanuts , rapeseed , sesame , ambary hemp , and tea . Other products include peppermint , spearmint , bamboo , medicinal herbs , apples , pears , peaches , loquats , ginkgo . Silkworms form an important part of Jiangsu's agriculture, with
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4284-720: The 70th Anniversary of the issuance of the Renminbi, the People's Bank of China issued 120 million ¥50 banknotes on 28 December 2018. In commemoration of the 2022 Winter Olympics , the People's Bank of China issued ¥20 commemorative banknotes in both paper and polymer in December 2021. In commemoration of the 2024 Chinese New Year, the People's Bank of China issued ¥20 commemorative banknotes in polymer in January 2024. The renminbi yuan has different names when used in ethnic minority regions of China. Renminbi currency production
4386-503: The 84 patents reviewed by the Financial Times indicate that China may plan to algorithmically adjust the supply of a central bank digital currency based on certain triggers, such as loan interest rates . Other patents are focused on building digital currency chip cards or digital currency wallets that banking consumers could potentially use, which would be linked directly to their bank accounts. The patent filings also point to
4488-558: The Nanzhili province (literally "southern directly governed"). Following a coup by Zhu Di (later, the Yongle Emperor ), however, the capital was moved to Beijing , far to the north, although Nanjing kept its status as the southern capital. In late Ming, Jiangnan continued to be an important center of trade in China; some historians see in the flourishing textiles industry at the time incipient industrialization and capitalism ,
4590-632: The National People's Congress in 2021, indicates the general direction and various steps towards a low-carbon transition. On a provincial level, the Jiangsu government aims to achieve an 18% carbon dioxide decrease per unit GDP and accelerate the development of a green, low-carbon economy, as indicated in the 14th five-year development. The province also plans to recover the damaged coastal regions such as Lianyugang and Yancheng , and improve resilience against rising sea level by implementing seawalls and river floodgates . Major cities: Jiangsu
4692-471: The People's Republic of China. It was issued only in paper form at first, and replaced the various currencies circulating in the areas controlled by the Communists . One of the first tasks of the new government was to end the hyperinflation that had plagued China in the final years of the Kuomintang (KMT) era. That achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan. As
4794-412: The People's Republic of China: In 1999, a commemorative red ¥50 note was issued in honour of the 50th anniversary of the establishment of the People's Republic of China. This note features Chinese Communist Party chairman Mao Zedong on the front and various animals on the back. An orange polymer note , commemorating the new millennium was issued in 2000 with a face value of ¥100. This features
4896-462: The aluminium ¥0.01 and ¥0.02 coins ceased in 1991, with that of the ¥0.05 halting in 1994. The small coins were still struck for annual uncirculated mint sets in limited quantities, and from the beginning of 2005, the ¥0.01 coin got a new lease on life by being issued again every year since then up to present. New designs of the ¥0.1, ¥0.5 (now brass- plated steel), and ¥1 (nickel-plated steel) were again introduced in between 1999 and 2002. The ¥0.1
4998-496: The banknotes is produced at two facilities in Baoding and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote material according to its website. In addition, the People's Bank of China has its own printing technology research division that researches new techniques for creating banknotes and making counterfeiting more difficult. On 13 March 2006, some delegates to an advisory body at
5100-535: The communist takeover, Beijing (formerly Peiping) was made capital of the People's Republic, and Nanjing was demoted to be the provincial capital of Jiangsu. The economic reforms of Deng Xiaoping initially focused on the south coast of China, in Guangdong province, which soon left Jiangsu behind; starting from the 1990s they were applied more evenly to the rest of China. Suzhou and Wuxi , two southern cities of Jiangsu in close proximity to neighboring Shanghai , have since become particularly prosperous, being among
5202-833: The digital currency was unclear. In May 2023, RMB interest rate swaps was launched. In June 2023, under the Government Green Bond Programme, the Government of the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR) announced a green bonds offering, of approximately US$ 6 billion denominated in USD , EUR and RMB. As of 2019, renminbi banknotes are available in denominations of ¥0.1, ¥0.5 (1 and 5 jiao), ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100. These denominations have been available since 1955, except for
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#17327825609835304-523: The eastern outskirts of Suzhou, Singapore has built the Suzhou Industrial Park , a flagship of Sino- Singaporean cooperation and the only industrial park in China that is in its entirety the investment of a single foreign country. Jiangsu contains over 100 different economic and technological development zones devoted to different types of investments. The majority of Jiangsu residents are ethnic Han Chinese . Other minorities include
5406-683: The east–west river systems. Jiangsu also borders the Yellow Sea . The Yangtze River , the longest river of China, cuts through the province in the south and reaches the East China Sea , which divides the region into two parts: more urban, prosperous south and more poorer, rural north, and these two parts has a tense division. Mount Huaguo , near the city of Lianyungang , is the highest point in Jiangsu, at an altitude of 625 meters (2,051 ft) above sea level . Large lakes in Jiangsu include Lake Tai (the largest), Lake Hongze , Lake Gaoyou , Lake Luoma , and Lake Yangcheng . Before 1194 A.D.,
5508-539: The excess through the state agency responsible for the management of China's exchange controls and its foreign exchange reserves, the State Administration of Exchange Control. Beginning in the mid-1980s, the government sanctioned foreign exchange markets, known as swap centres, eventually in most large cities. The government also gradually allowed market forces to take the dominant role by introducing an "internal settlement rate" of ¥2.8 to 1 US dollar which
5610-523: The far north. Seasonal changes are clear-cut, with temperatures at an average of −1 to 4 °C (30 to 39 °F) in January and 26 to 29 °C (79 to 84 °F) in July. Rain falls frequently between spring and summer ( meiyu ), typhoons with rainstorms occur in late summer and early autumn. As with the rest of the coast, tornados are possible. The annual average rainfall is 800 to 1,200 millimeters (31 to 47 in), concentrated mostly in summer during
5712-625: The fastest high-speed trains takes just over an hour. As of 2022, all major cities in Jiangsu have been connected by high-speed lines, including: Shanghai-Nanjing intercity railway since 2010, Beijing-Shanghai high-speed railway since 2011, Nanjing–Hangzhou high-speed railway since 2013, Nanjing–Anqing intercity railway since 2015, Lianyungang–Zhenjiang high-speed railway since 2020, Xuzhou–Yancheng high-speed railway since 2019, Yancheng–Nantong high-speed railway since 2020, Shanghai–Suzhou–Nantong railway since 2020, and Lianyungang–Xuzhou high-speed railway since 2021. Jiangsu's road network
5814-413: The government to provide imported machinery and equipment to priority industries at a relatively lower domestic currency cost than otherwise would have been possible. China's transition by the mid-1990s to a system in which the value of its currency was determined by supply and demand in a foreign exchange market was a gradual process spanning 15 years that involved changes in the official exchange rate,
5916-424: The greatest collections of deposits in China. Jiangsu is historically oriented toward light industries such as textiles and food industry . Since 1949, Jiangsu has developed heavy industries such as chemical industry and construction materials . Jiangsu's important industries include machinery, electronic, chemicals, and automobile. The government has worked hard to promote the solar industry and hoped by 2012
6018-663: The influx of migrants from the north. Jiankang remained as the capital for four successive Southern dynasties and became the largest commercial and cultural center in China. After the Sui dynasty united the country in 581, the political center of the country shifted back to the north, but the Grand Canal was built through Jiangsu to link the Central Plains with the prosperous Yangtze Delta. The Tang dynasty (618–907) relied on southern Jiangsu for annual deliveries of grain. It
6120-564: The initiation of economic reforms in 1990, Jiangsu has become a focal point for economic development. It is widely regarded as one of China's most developed provinces, when measured by its Human Development Index (HDI). Its 2021 nominal GDP per capita reached RMB 137,300 (US$ 21,287), becoming the first province in China to reach the $ 20,000 mark. Jiangsu is home to many of the world's leading exporters of electronic equipment, chemicals and textiles. It has also been China's largest recipient of foreign direct investment since 2006. In 2022, its GDP
6222-526: The integration of a digital currency system, choosing to embrace the blockchain technology. The patents reveal the extent of China's digital currency plans. The patents, seen and verified by the Financial Times , include proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank accounts. Several of
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#17327825609836324-435: The last name), and finally "People's Currency", or " renminbi ", from June 1949. From 1949 until the late 1970s, the state fixed China's exchange rate at a highly overvalued level as part of the country's import-substitution strategy. During this time frame, the focus of the state's central planning was to accelerate industrial development and reduce China's dependence on imported manufactured goods. The overvaluation allowed
6426-464: The last ¥0.5 and ¥1 issued in 1985. All jiǎo coins depicted similar designs to the fēn coins while the yuán depicted the Great Wall of China . In 1991, a new coinage was introduced, consisting of an aluminium ¥0.1, brass ¥0.5 and nickel - clad steel ¥1. These were smaller than the previous jiǎo and yuán coins and depicted flowers on the obverse and the national emblem on the reverse. Issuance of
6528-483: The late 1980s and early 1990s, China worked to make the renminbi more convertible. Through the use of swap centres, the exchange rate was eventually brought to more realistic levels of above ¥8/US$ 1 in 1994 and the FEC was discontinued. It stayed above ¥8/$ 1 until 2005 when the renminbi's peg to the dollar was loosened and it was allowed to appreciate. As of 2013, the renminbi is convertible on current accounts but not capital accounts . The ultimate goal has been to make
6630-464: The many hundreds of states that existed across northern and central China at that time. Near the end of the Spring and Autumn period , Wu became a great power under King Helu of Wu , and defeated in 484 BC the state of Qi , a major power in the north in modern-day Shandong province , and contest for the position of overlord over all states of China. The state of Wu was subjugated in 473 BC by
6732-587: The most significant of which is the North Jiangsu Main Irrigation Canal ( traditional Chinese : 蘇北灌溉總渠 ; simplified Chinese : 苏北灌溉总渠 ), which channels a small amount of the water of the Huai River alongside south of its old path into the sea. Most of Jiangsu has a humid subtropical climate ( Cfa or Cwa in the Köppen climate classification ), beginning to transition into a humid continental climate (Köppen Dwa ) in
6834-441: The nearest yuan (such as ¥9 or ¥10). In 1953, aluminium ¥0.01, ¥0.02, and ¥0.05 coins began being struck for circulation, and were first introduced in 1955. These depict the national emblem on the obverse (front) and the name and denomination framed by wheat stalks on the reverse (back). In 1980, brass ¥0.1, ¥0.2, and ¥0.5 and cupro-nickel ¥1 coins were added, although the ¥0.1 and ¥0.2 were only produced until 1981, with
6936-464: The note has a tactile representation of the denomination in Chinese Braille starting from the fourth series. See corresponding section for detailed information. The fen and jiao denominations have become increasingly unnecessary as prices have increased. Coins under ¥0.1 are used infrequently. Chinese retailers tend to avoid fractional values (such as ¥9.99), opting instead to round to
7038-476: The occupying Japanese for the next three months would come to be known as the Rape of Nanjing , after which it became the seat of the collaborationist government of East China under Wang Jingwei , and most of Jiangsu remained under Japanese occupation until the end of the war in 1945. After the war, Nanjing was once again the capital of the Republic of China, though now the Chinese Civil War had broken out between
7140-635: The official currency of the United Kingdom . Jiao and fen are also units of renminbi. In everyday Mandarin , kuai (Chinese: 块 ; pinyin: kuài ; lit. 'piece') is usually used when discussing money and "renminbi" or "yuan" are rarely heard. Similarly, Mandarin speakers typically use mao (Chinese: 毛 ; pinyin: máo ) instead of jiao. For example, ¥8.74 might be read as 八块七毛四 ( pinyin : bā kuài qī máo sì ) in everyday conversation, but read 八元七角四分 ( pinyin : bā yuán qī jiǎo sì fēn ) formally. Renminbi
7242-561: The oldest town in Qingpu District, is famous for its performances of Shanghai opera . Qingpu Prison is in the district. The government of Qingpu: https://www.shqp.gov.cn/shqp/index.html The French School of Shanghai Qingpu Campus and the German School of Shanghai both share the EuroCampus ( Chinese : 欧洲校园 ; pinyin : Ōuzhōu Xiàoyuán ) in Qingpu District. The International Philippine School of Shanghai (IPSS)
7344-587: The populated Suzhou area is often diverted to Shanghai Hongqiao International Airport , to which Suzhou is conveniently connected to via bus services and by expressway. Xuzhou Guanyin International Airport , Yancheng Nanyang International Airport , and Lianyungang Baitabu Airport serve as hubs in northern Jiangsu. The southern part of the province, namely the Shanghai-Nanjing corridor, has very high-frequency rail services. Jiangsu
7446-430: The population believes and is involved in cults of ancestors , while 2.64% of the population identifies as Christian. The reports didn't give figures for other types of religion; 80.69% of the population may be either irreligious or involved in worship of nature deities , Buddhism, Confucianism , Taoism, folk religious sects , and small minorities of Muslims . In 2010, there were 130,757 Muslims in Jiangsu. Jiangsu
7548-658: The proposed ‘ tokenomics ’ being considered by the DCEP working group. Some patents show plans towards programmed inflation control mechanisms. While the majority of the patents are attributed to the PBOC's Digital Currency Research Institute, some are attributed to state-owned corporations or subsidiaries of the Chinese central government. Uncovered by the Chamber of Digital Commerce (an American non-profit advocacy group), their contents shed light on Beijing's mounting efforts to digitise
7650-564: The real barriers to internationalisation of the renminbi are China's capital controls, which it has no plans to remove. Maximilian Kärnfelt, an expert at the Mercator Institute for China Studies , said that a digital renminbi "would not banish many of the problems holding the renminbi back from more use globally". He went on to say, "Much of China's financial market is still not open to foreigners and property rights remain fragile." The PBOC has filed more than 80 patents surrounding
7752-544: The renminbi , on 30 November 2015, the IMF voted to designate the renminbi as one of several main world currencies, thus including it in the basket of special drawing rights . The renminbi became the first emerging market currency to be included in the IMF's SDR basket on 1 October 2016. The other main world currencies are the dollar , the euro , sterling , and the yen . In October 2019, China's central bank, PBOC , announced that
7854-476: The renminbi became the first emerging market currency to be included in the IMF 's special drawing rights basket, the basket of currencies used by the IMF as a reserve currency. Its initial weighting in the basket was 10.9%. The ISO code for the renminbi is CNY , the PRC's country code (CN) plus "Y" from "yuan". Hong Kong markets that trade renminbi at free-floating rates use the unofficial code CNH . This
7956-441: The renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies . The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi , it became the world's 8th most traded currency in 2013, 5th by 2015, but 6th in 2019. On 1 October 2016,
8058-454: The renminbi fully convertible. However, partly in response to the Asian financial crisis in 1998, China has been concerned that the Chinese financial system would not be able to handle the potential rapid cross-border movements of hot money , and as a result, as of 2012, the currency trades within a narrow band specified by the Chinese central government. Following the internationalization of
8160-503: The renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity . However, more recently, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the American Federal Reserve and other major central banks , have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012. Since 2006,
8262-562: The renminbi, which has sparked alarm in the West and spurred central bankers around the world to begin exploring similar projects. Some commentators have said that the U.S., which has no current plans to issue a government-backed digital currency, risks falling behind China and risking its dominance in the global financial system. Victor Shih , a China expert and professor at the University of California San Diego , said that merely introducing
8364-424: The solar industry would be worth 100 billion RMB. Jiangsu's economy growth has directly benefited from the reform Chinese's policies, and its growth trajectory reflects that of many other coastal provinces, such as Zhejiang and Shandong. The economic reforms of Deng Xiaoping have greatly benefited southern cities, especially Suzhou and Wuxi , which outstrip the provincial capital, Nanjing , in total output. In
8466-681: The southeast monsoon . Due to its flat terrain, low altitude, and dense population, Jiangsu is one of the most vulnerable regions in China to climate change and its ensuing sea level rise . According to the data collected by the Center of Climate Change in Jiangsu from 1961 to 2007, on average, the province experiences an temperature increase between 0.16 and 0.45 Celsius per 10 years and total precipitation change between -28.7 and 37.09 mm per 10 years. Extreme weather have become stronger and more common. Jiangsu's agriculture , ecosystem , water resource , transportation, and coastline are all negatively impacted. The speed of sea level rise exceeds
8568-482: The ten longest suspension bridges in the world. The Sutong Bridge , opened in 2008, connecting Nantong and Changshu, has one of the longest cable-stayed bridge spans in the world, at 1,088 m (3,570 ft). As of December 2022, Jiangsu has six cities that have operational subway systems, together with an extra city ( Huai'an ) currently under construction. These six cities are Nanjing , Suzhou , Wuxi , Changzhou , Xuzhou and Nantong . The Nanjing Metro
8670-403: The top 10 cities in China in terms of gross domestic product and outstripping the provincial capital of Nanjing. The income disparity between northern and southern Jiangsu however remains large. Jiangsu is flat, with plains covering 68 percent of its total area (water covers another 18 percent). Most of the province stands not more than 50 meters (160 ft) above sea level . Jiangsu also has
8772-482: The use of a dual exchange rate system, and the introduction and gradual expansion of markets for foreign exchange. The most important move to a market-oriented exchange rate was an easing of controls on trade and other current account transactions, as occurred in several very early steps. In 1979, the State Council approved a system allowing exporters and their provincial and local government owners to retain
8874-440: The world's average by a large margin. Specifically, a ranking on climate change risk of global regions released in early 2023 by The Cross Dependency Initiative (XDI) puts Jiangsu as the most vulnerable of the entire world. Jiangsu is at more risk due to its extensive industrial, trade, residential, and commercial development . In response to climate disturbance across the country, the fourteenth five-year plan , endorsed by
8976-670: The year 2021, the total population was 85.05 million. The politics of Jiangsu is structured in a one party (Communist) government system like all other governing institutions in mainland China. The Governor of Jiangsu is the highest-ranking official in the People's Government of Jiangsu. However, in the province's dual party-government governing system, the Governor has less power than the Jiangsu Chinese Communist Party Provincial Committee Secretary, colloquially termed
9078-437: The ¥20 notes (added in 1999 with the fifth series) ¥50 and ¥100 notes (added in 1987 with the fourth series). Coins are available in denominations from ¥0.01 to ¥1 (¥0.01–1). Thus some denominations exist in both coins and banknotes. On rare occasions, larger yuan coin denominations such as ¥5 have been issued to commemorate events but use of these outside of collecting has never been widespread. The denomination of each banknote
9180-463: Was $ 3.04 trillion, making it the 3rd-largest of any country subdivision globally, behind California and Guangdong. Jiangsu's economy in PPP also was just behind that of Italy with a GDP PPP of $ $ 3.05 trillion, the 12th largest in the world . Jiangsu is very wealthy among the provinces of China. Its 2022 nominal GDP per capita reached ¥144,390 (US$ 21,467), becoming the first province in China to reach
9282-492: Was a devaluation of almost 100%. In the process of opening up China to external trade and tourism, transactions with foreign visitors between 1980 and 1994 were done primarily using Foreign exchange certificates ( 外汇券 , waihuiquan ) issued by the Bank of China . Foreign currencies were exchangeable for FECs and vice versa at the renminbi's prevailing official rate which ranged from US$ 1 = ¥2.8 FEC to ¥5.5 FEC. The FEC
9384-633: Was administered under two zhou (provinces): Xu Province in the north, and Yang Province in the south. During the Three Kingdoms period, southern Jiangsu became the base of the Eastern Wu (222 to 280), whose capital, Jianye (later renamed to Jiankang), is modern Nanjing . When nomadic invasions overran northern China in the 4th century, the imperial court of the Jin dynasty moved to Jiankang. Cities in southern and central Jiangsu swelled with
9486-421: Was also loosened and capital inflows to China surged. During the era of the command economy , the value of the renminbi was set to unrealistic values in exchange with Western currency and severe currency exchange rules were put in place, hence the dual-track currency system from 1980 to 1994 with the renminbi usable only domestically, and with Foreign Exchange Certificates (FECs) used by foreign visitors. In
9588-539: Was during the Song dynasty (960–1279), which saw the development of a wealthy mercantile class and emergent market economy in China, that Jiangnan (southern Jiangsu, Shanghai , and adjacent areas) emerged as a center of trade . From then onwards, major cities like Suzhou or Yangzhou , would be synonymous with opulence and luxury in China. Today the region remains one of the richest parts of China. The Jurchen Jin dynasty gained control of North China in 1127 during
9690-455: Was established in 1912, and China was soon torn apart by warlords. Jiangsu changed hands several times, but in April 1927, Chiang Kai-shek established a government at Nanjing ; he was soon able to bring most of China under his control. This was however interrupted by the second Sino-Japanese War , which began full-scale in 1937; on December 13, 1937, Nanjing fell, and the combined atrocities of
9792-604: Was issued as banknotes from ¥0.1 to ¥100, and was officially at par with the renminbi. Tourists used FECs to pay for accommodation as well as tourist and luxury goods sold in Friendship Stores . However, given the non-availability of foreign exchange and Friendship Store goods to the general public, as well as the inability of tourists to use FECs at local businesses, an illegal black market developed for FECs where touts approached tourists outside hotels and offered over ¥1.50 RMB in exchange for ¥1 FEC. In 1994, as
9894-532: Was more than CNY¥ 12.29 trillion (US$ 1.83 trillion in nominal), which is the sixth-highest of all administrative divisions . If it were a country, it would be the twelfth-largest economy as of 2022 as well as the 19th most populous . Jiangsu is also one of the leading provinces in research and education in China. As of 2022, Jiangsu hosts 168 institutions of higher education , ranking first of all Chinese provinces. Jiangsu has many highly ranked educational institutions, with 16 number of universities listed in
9996-482: Was opened in April 2012. As of October, 2022, it currently has five operational lines: Line 1 , Line 2 , Line 3 , Line 4 and Line 5 . It also has four other lines under construction ( Line 6 , Line 7 , Line 8 , Line S1 ) and 11 lines under planning (Lines 9 , 10 , 11 through 16, Line 18, Line 20, Line S4 , Line S5 ). Currently under construction lines are expected to be operational by 2024 and planned lines are expected to be operational by 2035. The Wuxi Metro
10098-427: Was opened in July 2014. The system is currently composed of four operational lines by 2022: Line 1 , Line 2 , Line 3 and Line 4 . It also has two other lines under construction: Line S1 and an extension of Line 4 . Renminbi The renminbi ( Chinese : 人民币 ; pinyin : Rénmínbì ; lit. 'People's Currency'; symbol : ¥ ; ISO code : CNY ; abbreviation : RMB ), also known as
10200-519: Was opened in September 2005. It was the sixth city in mainland China that opened up a metro system. As of December 2019 the city currently has 11 metro lines ( Line 1 , Line 2 , Line 3 , Line 4 , Line 10 , Line S1 , Line S3 , Line S6 , Line S7 , Line S8 and Line S9 ), with several extra ones (i.e. Line 5 ) under construction. The Suzhou Rail Transit , also known as the Suzhou Metro,
10302-740: Was significantly reduced in size, and in 2005 its composition was changed from aluminium to more durable nickel-plated steel. An updated version of these coins was announced in 2019. While the overall design is unchanged, all coins including the ¥0.5 are now of nickel-plated steel, and the ¥1 coin was reduced in size. The frequency of usage of coins varies between different parts of China, with coins typically being more popular in urban areas (with 5-jiǎo and 1-yuán coins used in vending machines), and small notes being more popular in rural areas. Older fēn and large jiǎo coins are uncommonly still seen in circulation, but are still valid in exchange. As of 2023, there have been five series of renminbi banknotes issued by
10404-415: Was the silver dragon dollar introduced in 1889. Various banknotes denominated in dollars or yuan were also introduced, which were convertible to silver dollars until 1935 when the silver standard was discontinued and the Chinese yuan was made fabi ( 法币 ; legal tender fiat currency ). The renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of
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