The unprecedented growth of the Chinese economy was mainly featured by rapidly augmenting exports, which were partly enabled by a beneficial currency valuation of China’s domestic currency, the...Show moreThe unprecedented growth of the Chinese economy was mainly featured by rapidly augmenting exports, which were partly enabled by a beneficial currency valuation of China’s domestic currency, the renminbi (RMB), during the turn of the 21st century. However, along with the liberalization of the Chinese market economy, especially after China’s entry into the World Trade Organization (WTO), agricultural producers were faced with increasing foreign competition as well as ceasing product protection. One question that arises is whether the currency undervaluation enabled the agricultural producers to maintain their competitiveness despite their abrupt confrontation with market exposure. Another question that arises is whether the currency undervaluation enabled the agricultural producers’ to increase their outputs, in light of the opportunities engendered by market liberalization. In other words, in this thesis, I will examine the extent to which agricultural producers benefited from the renminbi undervaluation during the turn of the 21st century.Show less