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Overview of Cuba

The Republic of Cuba (Spanish: República de Cuba), referred to as Cuba, is derived from the Taino word "coabana", which means "fertile place" and "good place".

Cuba is an archipelago in the northern Caribbean of North America, and Havana is the economic and political center and capital of Cuba.

Cuba is one of the few socialist countries in the world (China, North Korea, Cuba, Vietnam, Laos), and the only socialist country in the Americas. It is known in history for the Bay of Pigs in the 1960 s and the Cuban Missile Crisis.

Due to the decades of economic blockade imposed by the United States on Cuba, people have many difficulties in maintaining their lives. However, in 2014, US President Barack Obama shook hands with Cuban State Council President Raul Castro at the memorial service of South Africa's first black president Mandela. With a life expectancy of 78.3 years and a literacy rate of 99 per cent, Cuba has achieved a very high human development index for many years.

The island of Cuba is the largest island in the Greater Antilles and is known as the "key to the Gulf of Mexico". The island of Cuba resembles a crocodile and is also known as the "green crocodile of the Caribbean".

Relations with China

Cuba was the first country in the Western Hemisphere to establish diplomatic relations with China. Custer, 2 September 1960

President Luo announced that Cuba had severed relations with Taiwan, expressing his willingness to establish diplomatic relations with the People's Republic of China. On September 28 of the same year, the Chinese and Cuban governments issued a joint communique confirming the establishment of diplomatic relations.

President Jiang Zemin visited Cuba twice in 1993 and 2001, and President Castro of the Cuban Council of State also paid two state visits to China in 1995 and 2003. The relations between the two countries have entered a period of comprehensive development. In November 2004, President Hu Jintao paid a state visit to Cuba. In April 2005, Raul Castro, Second Secretary of the Central Committee of the Communist Party of Cuba, First Vice Chairman of the State Council and First Vice Chairman of the Council of Ministers, visited China. In May 2005, Jia Qinglin, chairman of the CPPCC National Committee, paid a friendly visit to Cuba. In November 2008, President Hu Jintao paid a state visit to Cuba and held talks with Raul Castro, President of the Council of State and President of the Council of Ministers of Cuba, and put forward four suggestions on the development of China-Cuba relations. In September 2009, Chairman Wu Bangguo paid an official goodwill visit to Cuba. In June 2011, Xi Jinping paid an official visit to Cuba. and visited Cuban revolutionary leader Fidel Castro. In July 2012, Raul Castro Ruz, President of the Council of State and President of the Council of Ministers of Cuba, paid a state visit to China.

In July 2014, President Xi Jinping paid a state visit to Cuba. Xi Jinping put forward three "unswerving" points for the development of China-Cuba relations: unswervingly deepen the friendship of mutual respect, unswervingly carry out mutually beneficial and win-win cooperation, and unswervingly be a partner in reform and development. Xi Jinping accepted the "Jose Marti" medal awarded by the Cuban government to visit Cuban revolutionary leader Fidel Castro.

The mutually beneficial, friendly and cooperative relations between China and Cuba have developed comprehensively and rapidly, and bilateral trade has maintained a good momentum of development. For many years, China has been Cuba's second largest trading partner, and Cuba is China's largest trading partner in the Caribbean. In 2013, the bilateral trade volume between China and Cuba reached 1.879 billion billion US dollars.

Economic Overview

After the success of the Cuban revolution in 1959, Castro announced the policy of nationalizing 90% of the Cuban economy and 70% of the agricultural industry.

The Cuban government has a planned economy. Most of the instruments of production are controlled by the state, and most of the labor is employed by the public. In 2000, about 77.5 per cent of jobs were in the public sector and the remaining 21.5 per cent were in the private sector, compared with 91.8 per cent in 1981, when the relationship between the public and private sectors was about 8.2 per cent. Private industry has developed in recent years. Investments need to meet specific conditions. Most prices are determined by the state.

The disintegration of the Soviet Union and the Council for Mutual Economic Assistance and the United States embargo dealt a great blow to the Cuban economy. Because the Cuban economy depends on the help of the Council for Mutual Economic Assistance and its sales market. For example, the Soviet Union bought Cuban sugar at high prices and sold it oil at low prices. In 1992, Cuba's exchange of goods with the countries that make up the Committee for Mutual Economic Assistance accounted for only 7 per cent of the 1989 level.

At the same time, Cuba's gross national product fell to 35 per cent and its per capita income fell to 39 per cent. Due to the shortage of oil and equipment, Cuban agriculture was once exhausted. Power cuts were frequent, and hunger and food shortages were common.

The Cuban economy has maintained a single economic development model based on sugar production for a long time. [11] Sugar, tourism and nickel exports are important economic pillars, mainly producing sugar cane, tobacco, tropical fruits, etc., and tourism and remittances are important sources of foreign exchange. In 2012, the macro economy of Cuba remained stable, fiscal and foreign exchange revenues increased, foreign trade maintained growth, and the annual economic growth was 3%. The number of inbound tourists exceeded 2.8 million and reached a record high.

Currency

Cuban peso (CUP), convertible peso (CUC), official exchange rate: 1 euro ≈ 1.20 convertible peso, 1 dollar ≈ 0.92 convertible peso, 1 convertible peso = 24 Cuban pesos, 25 Cuban pesos = 1 convertible peso.