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About Nobel Prize
    The Nobel Prize is an international award given yearly since 1901 for achievements in physics, chemistry, medicine, literature and for peace. In 1968, the Bank of Sweden instituted the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.

    The Prize Winners are announced in October every year. They receive their awards (a prize amount, a gold medal and a diploma) on December 10, the anniversary of Nobel's death.
    Alfred Nobel was born in 1833 in Stockholm, Sweden. His family was descended from Olof Rudbeck, the best-known technical genius of Sweden's 17th century era as a great power in northern Europe.

    Nobel invented dynamite in 1866 and later built up companies and laboratories in more than 20 countries all over the world.

    On November 27, 1895, Nobel signed his last will providing for the establishment of the Nobel Prize. He died of cerebral haemorrhage in his home in San Remo, Italy on December 10, 1896.
    Alfred died in San Remo, Italy on December 10, 1896. In his last will and testament, he wrote that much of his fortune was to be used to give prizes to those who have done their best for humanity in the field of physics, chemistry, physiology or medicine, literature and peace.

    In 1901, the first Nobel Prizes in Physics, Chemistry, Physiology or Medicine and Literature were first awarded in Stockholm, Sweden and the Peace Prize in Kristiania (now Oslo), Norway.
    The first Prize Award Ceremony in 1901 at the Old Royal Academy of Music in Stockholm.
 
ebeijing >> Feature >> Nobel Prize Forum >> News & Events
Nobel Prize winners back booming China

An award-winning US economist yesterday said China should ignore outside pressure and keep the yuan exchange rate stable.

1999 Nobel Laureate for Economics Robert A. Mundell kept up his consistent "no change" call at a special three-day forum--said to be Asia's biggest-in Beijing yesterday.

Nobel prize laureate Robert A. Mundell of Canada argues against a revaluation of the Chinese Renminbi (RMB) during a speech for the Nobel Laureates Beijing Forum 2005 at the Great Hall of the People in Beijing, China, Monday, May 30, 2005. 12 Nobel prize economic laureates will talk about issues ranging from the currency, longevity, politics and economic growth during the three-day event. (AP
Nobel prize laureate Robert A. Mundell of Canada argues against a revaluation of the Chinese Renminbi (RMB) during a speech for the Nobel Laureates Beijing Forum 2005 at the Great Hall of the People in Beijing, China, Monday, May 30, 2005. 12 Nobel prize economic laureates will talk about issues ranging from the currency, longevity, politics and economic growth during the three-day event. [AP]

He was among seven other economic Nobel prize winners and five distinguished scholars who gathered to offer advice and comment on China's economic relationship with the global community.

Each gave their view of China's place in the world's economy.

If the Chinese currency were revalued, overseas direct investment will decrease and lead to more unemployment, affecting even the rest of East Asia, he said.

Wen: Listening to advice

Premier Wen Jiabao told the laureates China attaches importance to listening to global advice and opinion.

Vowing to step up efforts to solve problems facing the nation, he added: "We are confident and capable of achieving the goals set for economic and social development."

The general consensus among the economists was the booming Chinese economy is beneficial to the world-including the United States.

Robert W. Fogel, who won the Nobel Prize for Economics in 1993, told China Daily that there were two reasons why the global community gained from China's development.

"First, China is producing more and more goods that can be of a very high quality and at a much lower price," Fogel said.

"Secondly, China will need more goods and services from other places such as Europe and the United States," he said.

Citing American education as an example, Fogel said it had become an export industry, pointing out that at least two-thirds of his students are from abroad.

Vernon L. Smith, the 2002 winner, said the huge and growing trade between America and China greatly benefits both countries.

"By outsourcing to foreign countries, US businesses save money that is available to invest in new technologies, new jobs and remain competitive in world markets. We should let it happen," Smith said. However, "many American citizens will not now agree with that."

"Their job losses are very visible while jobs created by new technology are not yet visible. When American businesses outsource goods and services to China, they save money," Smith said.

china daily