[b]Currency:[/b] Huòbì (Ƕ)
[b]Exchange Rate:[/b] Ƕ1.00 = €0.62/€1.00= Ƕ1.61 [b]
Population:[/b] 102.030,011 [b]
Gini Coefficiant:[/b] 0.26 [b]
Unemloyment Rate:[/b] 2.11% [b]
GDP Per Capita (PPP):[/b] €26,438.75 [b]
GDP Per Capita (Nominal): [/b]€42,513.50 [b]
GDP Total (PPP):[/b] €2,697,545,953,326.26
[b]GDP Total (Nominal):[/b] €4,337,652,872,648.50
[b]Stock Exchange:[/b] Guaxi Securities Composite (GSC) [b]
Labour Force by Occupation:[/b] 7% Agriculture, 33%Manufacturing, 60% Services
[b]Income Tax Rate:[/b] 15% (Flat Taxes) [b]
Corporate Tax Rate:[/b] 20%
[b]Consumption Taxes (GST/VAT): [/b]12% [center][size=4][b]
Government Budget: (All pending)[/b][/size][/center][b]Administration:[/b] [b]
Social Welfare:[/b] [b]
Religion and Spirituality:[/b]
[b]Law and Order:[/b]
[b]Public Transport:[/b] [b]
The Environment:[/b] [b]
Primary Economy: [/b]Iron Ore, Oil/Petroleum, and Timber[b].
[b]Secondary Sector:[/b] Transport Equipment, Industrial Machinery, Pharmeseuticals & Medical Equipment, Consumer Electronics and Telecommunications Equipment, Industrial Chemicals, Furniture, House Hold Applainces.
[b]Tertiary Sector: [/b] Education, Financial Services, Ship Building, Civil Engineering, Building and Construction, Telecommunication Services, Public Health, Food Processing. [b]
Economic Model: (Pending)[/size][/b][/u][/center]
The Federal Republic of Xeng under the guidance of the One Xeng Party has been moving from a free market economy to more of a mixed economy guided towards the principles of the third way and not explicitly borrowing from neither capitalism nor socialism but both. The economy has receive a raid transformation from the boom-and-bust free market, economy to more of a social market economy and some on the left call it market socialism while those on the right call it state capitalism.
The One Xeng Party however has rejected labels for its economic policies, and while the economy has elements of more freer and looser trade policies and also some central planning, the government says that their interference is mostly to ensure the lowest unemployment rate possible, correct market failure, protect consumers and ensure an efficient social safety net. This is tone through certain policies outlined below:
· Solid Welfare programs, based on the principles of workfare: When one finds themselves unemployed or without a means of income, the government ensures a minimum income when one proves that they are looking for jobs and taking employment skills programs or enrolled in education relevant to the current labour market.
· The Short work program: The Short work program is when in times of economic crisis, the government pays for the total difference and expenses for businesses who have to shorten working hours for their employees to ensure the stability of the CPI and minimise layoffs within the private sector for those businesses who are willing to apply.
· Tax Subsidised education on all levels.
· Conscription for the youth 18-21 years of age, to minimise youth unemployment, and ensure an ever ready standing military.
· Strong anti-monopoly laws within the financial sector, which is mostly dominated by credit unions and retail depository banks, rather than large investment banks and hedge firms.
· A Mixed managed currency that is pegged to the Euro, rather than free floating currency: that is kept devalued to stimulate exports and make goods cheaper
· Nationalised industries within the sector of Iron ore and oil.