Chinese Economics Thread

[antiterror13]

Ah yes that’s fair. That would provide a 2.0 as I was saying.

Yea I think it’s somewhere between 1.7 as stated by IMF/WB and 2.0 but I’ve seen people argue it may be higher.

Please, Log in or Register to view URLs content!

Surely my 1 US$ would worth much more in China than in the US. When I was in China in 2016 (holiday), I could get a very good meal (street market) with 7-8 Yuan, which basically US$1 .. in the US, you would need $7 - $10 for roughly the equivalent

 

[manqiangrexue]

Surely my 1 US$ would worth much more in China than in the US. When I was in China in 2016 (holiday), I could get a very good meal (street market) with 7-8 Yuan, which basically US$1 .. in the US, you would need $7 - $10 for roughly the equivalent

True, but there are parts that pull up the average in favor of the US as well. Try buying fresh beef, pork, lobster, king crab, deluxe seafood in China... they charge an arm and a leg I tell ya. Even Chinese high quality name brand clothing is getting out of control; I asked my father to bring me an ANTA Team China T-shirt to show my spirit at the gym and he let me know it'd be $50-100USD depending on the collar style instead of the $5 I was thinking. I said screw it; I'll keep my apparel shopping to Goodwill LOL Chinese street vendors are truly masters at making cheap ingredients taste like delicacies... unfortunately, some of them use some "secret" ingredients to cut the cost even more.

 

[antiterror13]

True, but there are parts that pull up the average in favor of the US as well. Try buying fresh beef, pork, lobster, king crab, deluxe seafood in China... they charge an arm and a leg I tell ya. Even Chinese high quality name brand clothing is getting out of control; I asked my father to bring me an ANTA Team China T-shirt to show my spirit at the gym and he let me know it'd be $50-100 USD. I said screw it; I'll keep my apparel shopping to Goodwill LOL Chinese street vendors are truly masters at making cheap ingredients taste like delicacies... unfortunately, some of them use some "secret" ingredients to cut the cost even more.

Can you live in the US with US$30,000 salary? ... hardly

How about in China with 30,000 x 6.5 = Yuan 195,000 ? live like a king

Salary is a big part of US military cost (~40%) and also the corporate overhead

Fish in China is cheaper ... but for luxury foods (lobster, steak, etc) .. I agree .... cheaper in the US, but perhaps only <1% of China's population could afford it anyway, so not a big deal as a nation

 

[manqiangrexue]

Can you live in the US with US$30,000 salary? ... hardly

Haha, I could actually, very comfortably cus I specialize at being cheap while buying the best. Goodwill and Kroger's Manager Special Aisle are my bitches and my friends often joke that I've been shopping there for a decade and they haven't made a cent off of me yet! (Just the other day, I got 8 boxes of 16 count cashew date Larabars at Kroger's mark-down section... for $0.49 cents per box!! I knew immediately what happened; an employee was doing the mark-downs and confused the per bar price for the per box price so I grabbed every last box, a $120 total value for $4. That's how I roll.) I bought lobster, crab, and live fish all the time at the Chinese supermarket, except I knew how to determine freshness so I rarely paid over $4 a pound for dead and discounted seafood that tastes like it was slaughtered live moments before. I had a $28K stipend as a PhD student and graduated 40 pounds heavier eating only healthy food and with some nice fat savings. I am CHEAP My girlfriend says if everyone in China acted like me, we wouldn't have an economy, just a bunch of people using hand-me-downs and waiting in line for the food at the supermarket to expire so they can grab it for next to nothing LOLOL

How about in China with 30,000 x 6.5 = Yuan 195,000 ? live like a king

Salary is a big part of US military cost (~40%) and also the corporate overhead

But I get your point and there is no argument; the same amount of money gets you much further in China than the US on your average goods basket.

 

[weig2000]

I suggest people stop fussing about PPP when comparing GDP with the US or among countries. If anything, that's what Indians love to talk about. Why do you have to resort to some rather subjective number to boost your ego? Just use exchange rate based GDP, nobody will argue against it. We know 6.4 yuan go a lot of further in China for defense spending than 1 USD, and we also know that China may under count their GDP, as I mentioned before. But China doesn't care about it, why do you?

But China becoming the undisputed #1 economy in the world in nominal GDP is also very important, psychologically and symbolically. It'll be a milestone of China's achievement. It's branding and is some kind of soft power out of hard power. It'll be one of the more important #1's adding to a long and growing list of #1's of China.

 

[quantumlight]

Can you live in the US with US$30,000 salary? ... hardly

How about in China with 30,000 x 6.5 = Yuan 195,000 ? live like a king

Salary is a big part of US military cost (~40%) and also the corporate overhead

Fish in China is cheaper ... but for luxury foods (lobster, steak, etc) .. I agree .... cheaper in the US, but perhaps only <1% of China's population could afford it anyway, so not a big deal as a nation

I make around 95k these days but subjectively it feels like Im at same standard of living as when I was making 40k back in say 2012....

Please, Log in or Register to view URLs content!

The same bag of groceries that cost me $30 bucks now costs me $75 bucks...

Back in 2014 a state of the art GPU like the Nvidia gtx980 I got brand new from frys for around $600... yet in 2020 to get a top GPU like the rtx3090, you can only buy from scraplers and so the $1499 msrp becomes $2299...

You have to compare a basket of goods and its important to compare it to the things you typically purchase the most... this is why the US official inflation numbers is fake just like their unemployment numbers are fake.

Real inflation is close to 10% a year now, but the vast majority of people get like 3% raise if they are lucky....

Packages are getting smaller, you notice everywhere corners are getting cut, tiolet paper not as thick and its size shrunk down each pile square much smaller, airplane seats less inches, less legroom...movie tickets are more than what you could have gotten it on VHS two decades back...netflix was $7.99 now its $17.99, ten bucks could feed a family of four at McD, now it barely buys a single meal if that... a can of soda was 25 cents, now bottled water is rountinely five dollars or more... these are all reductions in quality of life, the shadow inflation....

 

[sinophilia]

I suggest people stop fussing about PPP when comparing GDP with the US or among countries. If anything, that's what Indians love to talk about. Why do you have to resort to some rather subjective number to boost your ego? Just use exchange rate based GDP, nobody will argue against it. We know 6.4 yuan go a lot of further in China for defense spending than 1 USD, and we also know that China may under count their GDP, as I mentioned before. But China doesn't care about it, why do you?

But China becoming the undisputed #1 economy in the world in nominal GDP is also very important, psychologically and symbolically. It'll be a milestone of China's achievement. It's branding and is some kind of soft power out of hard power. It'll be one of the more important #1's adding to a long and growing list of #1's of China.

Well I do think China will surpass the US in nominal GDP too in the next few years, but it's also important to understand what is truthful and what is not.

I think India's GDP is closer to it's nominal figures while China's is closer to its PPP figures. I also think that much of India's GDP is faked, as many people in the international community have reported on it despite their endless optimism about India surpassing China.. so I wouldn't be surprised if it's true they've been faking it.

I don't think Nominal or PPP are good one size fits all measures for any country. Depending on how many parts are supplied and produced in a given country as opposed to purchased on the international market, one will be more accurate for measuring a nations' output than the other.

If China's currency declines by half next year but Chinese incomes and prices stay the same, the net effect on Chinese consumers is only that which is being traded. In fact, exports may even get a boost so it's only imports that will harm China.

With a country like India which sources much of its technical know-how and products from the international market, with only the lowest level foodstuffs, textiles, etc. being produced domestically, a similar drop in it's currency would be catastrophic.

China might as well be its own planet with an economy similar to that of a continent than a nation.

 

[siegecrossbow]

Please, Log in or Register to view URLs content!

 

[B.I.B.]

Haha, I could actually, very comfortably cus I specialize at being cheap while buying the best. Goodwill and Kroger's Manager Special Aisle are my bitches and my friends often joke that I've been shopping there for a decade and they haven't made a cent off of me yet! (Just the other day, I got 8 boxes of 16 count cashew date Larabars at Kroger's mark-down section... for $0.49 cents per box!! I knew immediately what happened; an employee was doing the mark-downs and confused the per bar price for the per box price so I grabbed every last box, a $120 total value for $4. That's how I roll.) I bought lobster, crab, and live fish all the time at the Chinese supermarket, except I knew how to determine freshness so I rarely paid over $4 a pound for dead and discounted seafood that tastes like it was slaughtered live moments before. I had a $28K stipend as a PhD student and graduated 40 pounds heavier eating only healthy food and with some nice fat savings. I am CHEAP My girlfriend says if everyone in China acted like me, we wouldn't have an economy, just a bunch of people using hand-me-downs and waiting in line for the food at the supermarket to expire so they can grab it for next to nothing LOLOL

But I get your point and there is no argument; the same amount of money gets you much further in China than the US on your average goods basket.

There were no issues like the staff curiosity of the overly cheap product and canceling the sale? Before I lived at home I use to buy my prepackaged meats /fish delicatessen stuff that often have 33 to50% marked off it because it was approaching its use by date. Meats are the best because you could put it in the freezer and use it weeks later.

 

[AssassinsMace]

Wow, this level of shortsightedness started from Obama?

Don't be fooled by the romanticism given to Obama. Remember how he was given the Nobel Peace Prize just for being President. He was horrible on international affairs. During his term I was watching some international affairs pundits talk about how European diplomats would talk about how Obama was just about making speeches but did nothing else and expected the rest of the world to do the work. His redline threat bluff on Syria really turned allies and remember it caused the European refugee crisis.