According to the East Asia and Pasific Economic update published by the World Bank in April 2015, the following factors have affected China’s real GDP in 2015. • Global economic recovery supports a moderate increase in China’s exports. • China benefits from a fall in the world price of oil • Chinese government to cut excess capacity in heavy industry • U.S firms to relocate their labor-intensive manufacturing industries to low-cost a countries. 1. How each of the above factors changes short-run aggregate supply, long run aggregate supply, aggregate demand, or some combination of them.

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