Chinese Economics Thread

[FriedRiceNSpice]

If I'm not mistaken, we were talking about entry-level jobs. Certainly, if you have enough work experience and technical skills, you can get hired anywhere. However, if you didn't graduate from an Ivy League, it's highly unlikely that you'll land a 100k+ job right out of school.

Entry level at many tech companies, including all the FAANG is over 100k, close to 200k in most competitive Silicon Valley software shops. An entry level software engineer at any bank is going to be 70-100k depending on the bank and location, ptetty close to or just over 100k in NYC. By entry level I define as 0-3 yrs of experience, including fresh graduate with only undergraduate degree or someone self taught or who has gone through a coding bootcamp. Of course, the process is competitive and 95pct+ of candidates do not pass the interview. But the criteria is how well you do through the interview rounds, not the process through which you acquired your knowledge and skills.

Again, these jobs are concentrated in only a handful of geographic locations, and in these locations, six figure salaries are needed to just attain a minimally decent standard of living, due to the concentration of wealth and high income people in these areas. Like you said, the numbers are meaningless without consideration of costs of living and cost of housing, they just inflate US GDP. Will be interesting to see how the post-Covid move to remote work will have on home prices and compensation in these areas.

When I was renting in NYC, by grandparents thought I was terribly poor based on the condition of my $1900 a month 600sq ft apartment located a 35-45min subway ride away from Manhattan.

 

[solarz]

Entry level at many tech companies, including all the FAANG is over 100k, close to 200k in most competitive Silicon Valley software shops. An entry level software engineer at any bank is going to be 70-100k depending on the bank and location, ptetty close to or just over 100k in NYC. By entry level I define as 0-3 yrs of experience, including fresh graduate with only undergraduate degree or someone self taught or who has gone through a coding bootcamp. Of course, the process is competitive and 95pct+ of candidates do not pass the interview. But the criteria is how well you do through the interview rounds, not the process through which you acquired your knowledge and skills.

Actually not quite. Interview is only one step of the process.

Another important factor is on-campus recruitment. A new graduate simply sending his resume to one of those companies is unlikely to get a phone screen, nevermind an interview. Often, the networking starts before the student even graduates, through internships, which again, heavily favors the Ivy Leagues.

Simply put, the most sought-after companies recruit from the most prestigious universities. The less sought-after companies recruit from lower-tier universities, and so on. There's a reason all the Chinese parents in the US want their kids to go to MIT, Princeton, etc, because it really is their best shot at landing a good job upon graduation.

 

[voyager1]

Lets go back to topic please.

If you want to continue the convo, move it to the relevant thread or create another one

E.g "Entry income Jobs in US, comparison to China" or whatever

 

[Deleted member 15949]

It takes the PRC authorities forever to do anything. Like people have been saying hukou reform was necessary since the mid-2000's or earlier, and they waited until 2021 to do it. They have been saying a property tax is necessary since the late 2000's at least also. Just as they are saying lifting the child limit is necessary and have been since the late 2000's. Just as they have been saying raising the retirement age is necessary for over 10 years...

JUST DO IT!

Have you thought that all policies end up creating losers and mitigating those downsides is necessary?

 

[voyager1]

Bad economic data just released for China

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Retail sales expanded 17.7% on-year in April, well below the 25% forecast in a Bloomberg survey

UOB economist Ho Woei Chen said this was the “more worrying aspect,” given that retail sales were expected to take over the lead in driving growth from the second and third quarters on.

---

Industrial output is ok though

Meanwhile, industrial output rose 9.8%, in line with forecasts but also slower than March.

---

And very good news on unemployment data

Still, there was more positive news on unemployment, with the urban jobless rate falling to 5.1%, which UOB’s Ho said was the most positive of Monday’s data, given it is the “lowest since November 2019.”

 

[FriedRiceNSpice]

Have you thought that all policies end up creating losers and mitigating those downsides is necessary?

What do you mean by creating losers, and how?

 

[Deleted member 15949]

What do you mean by creating losers, and how?

Property tax: hurts property developers and land-sale dependent local government
Relaxing birth limits: legally strenuous and strains education/infrastructure
etc

 

[daifo]

All this talk about very high salary for software engineers..
I still remember I was very elated when my monthly salary reached 1k USD (from somewhere in ASEAN).
Even today Software Engineer salary in HK is only about 2-3k USD per month, that's atrociously very low.

Don't HKPF make more than that?

 

[FriedRiceNSpice]

Property tax: hurts property developers and land-sale dependent local government
Relaxing birth limits: legally strenuous and strains education/infrastructure
etc

Wouldn't property taxes more than offset the loss of revenue for local governments? As well as fund investment in education and infrastructure, which can serve as engines for growth? Infrastructure development is pretty much a core competency of China, and the additional population will justify additional infrastructure development. China's infrastructure issue is more of its running out of potential infrastructure projects. On education side, there is no better investment than in education. I think cutting into bottom line of real estate developers is more than worthwhile.

 

[caudaceus]

Don't HKPF make more than that?

The median according to payscale is only 3500 usd a month. I know that the tax is very low, but that's still very low pay considering the housing cost.