Chinese Economics Thread

manqiangrexue

manqiangrexue

Brigadier
B.I.B. said:
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.
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No issues. Firstly, I always use the self check-out. Secondly, big ticket stores like Kroger and Walmart will always honor any marked price and take it on the chin even if they knew it was a mistake a checkout. Asian supermarkets, even the big ones like H-mart and Great Wall/Jusgo will NOT. I once saw a NICE $16 pair of kitchen shears at Walmart that was in the $0.88 cent sale basket. I took it and it rang up $16. I said it was in the basket and they sent someone to check. There were 3 more pairs there so they said they will remove the other 3 but it will be 88 cents for me. The machine wouldn't let the cashier give that steep a discount so he just charged me 88 cents for a miscellaneous item on the receipt and let me take the kitchen shears. I love them to this day; those damn things cut through the bones in a chicken wing like they're baby carrots! On the other side of things, 2 weeks ago I was at Jusgo and saw that they marked some mushrooms $0.99 but were actually $1.29. My effing GOD! For 30 cents, I got into a shouting match with multiple cashiers and the vegetable section manager before the general manager was summoned and gave me that 30 cent discount!! All this with like 30 people in line watching LOLOL
 
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AndrewS

Brigadier
Registered Member
sinophilia said:
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.
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Take a medium-sized economy like Japan for example.

Over the past 30-40 years, Japan's GDP has been stable at 500-550 Trillion Yen and their living standards have remained the same.

But fluctuations in the exchange rate meant the Japanese economy was as small as $4 Trillion or as large as $6 Trillion USD.
That is a 50% difference in the exchange rate.

And China is far larger and more self-sufficient than Japan is.

But yes, PPP and nominal both have their uses.
 
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AndrewS

Brigadier
Registered Member
caudaceus said:
Lots of interesting discussions about Chinese GDP adjusted to USD. But, realistically what would happen the moment China passed US GDP?
I bet things life more or less are same with some Twitter rants or some congress members grandstanding by reducing subsidy / aid / loan to China. That's it.
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I think that it will take a few months to filter through.

Remember most American's have impressions of China which are 10-20 years behind reality.
Even the average Congressman will be a few years behind, and think the Chinese economy is significantly smaller than the US economy.

That will be a rude awakening for America Firsters, and fire them up even more. But the only area where they have a level of clear superiority is in the military realm, and they know even this is only a temporary situation.

China needs to demonstrate that it is significantly bigger, before the America Firsters accept their position.
 
B

B.I.B.

Captain
manqiangrexue said:
No issues. Firstly, I always use the self check-out. Secondly, big ticket stores like Kroger and Walmart will always honor any marked price and take it on the chin even if they knew it was a mistake a checkout. Asian supermarkets, even the big ones like H-mart and Great Wall/Jusgo will NOT. I once saw a NICE $16 pair of kitchen shears at Walmart that was in the $0.88 cent sale basket. I took it and it rang up $16. I said it was in the basket and they sent someone to check. There were 3 more pairs there so they said they will remove the other 3 but it will be 88 cents for me. The machine wouldn't let the cashier give that steep a discount so he just charged me 88 cents for a miscellaneous item on the receipt and let me take the kitchen shears. I love them to this day; those damn things cut through the bones in a chicken wing like they're baby carrots! On the other side of things, 2 weeks ago I was at Jusgo and saw that they marked some mushrooms $0.99 but were actually $1.29. My effing GOD! For 30 cents, I got into a shouting match with multiple cashiers and the vegetable section manager before the general manager was summoned and gave me that 30 cent discount!! All this with like 30 people in line watching LOLOL
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Ha Ha. They probably suspect you put them in the 88cents basket so from now on you are on the watch list.
 
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AndrewS

Brigadier
Registered Member
localizer said:
Not enough, Chinesemust have atleast 10 robots for 1 person to be our slaves :D
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Another point of view.

Based on that article, in 2022, it sounds feasible for China to be buying more industrial robots than the rest of the world combined.

So the conclusion is that you can't afford to isolate yourself from the Chinese market, otherwise your competitors will use China as an R&D and low-cost production base. And those world-class robots would be mass-produced in China for the global market.
 
localizer

localizer

Colonel
Registered Member
AndrewS said:
Another point of view.

Based on that article, in 2022, it sounds feasible for China to be buying more industrial robots than the rest of the world combined.

So the conclusion is that you can't afford to isolate yourself from the Chinese market, otherwise your competitors will use their low-cost China production base to produce world class robots for the global market.
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It's why trade wars fail. It's why China should also continue to embrace free market economics.
 
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