Chinese Economics Thread

[quantumlight]

The question is, if you are one of those types of dollar millionaires, do you feel rich?

Remember, money is the ability of energy to do work in the future… the further out in time you plan to spend it you have to project the world’s global energy situation at that time… in the US case, also the standing of the petrodollar.
… that nest egg you saved is not going to be there for you for the simple fact that the global energy is gone… the purchasing power of money was almost entirely inflated by the availability of cheap and abundantly high quality energy (and the work/productivity multiplier derived thereof) and the assumption that it would always be the case of remaining exercisable into perpetuity…..

 

[hkbc]

The question is, if you are one of those types of dollar millionaires, do you feel rich?

As I said 'asset appreciation on property flatters to deceive!' so no!

Rich like poor is relative, I am comfortable and don't have money worries, living somewhere where I won't go bankrupt if a fell ill helps!

What the pandemic has shown me is that money and wealth is pretty ephemeral a well structured society is better than walled gardens of wealth, look at India, wealthy and poor die equally at the gates of hospitals, because, well its a broken society!

 

[KYli]

This is good especially as more and more jobs can work from home.

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It would start slow but Western brands premium would be slowly evaporated.

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[Gatekeeper]

It used to be said if California was a country, it will be in the sxxty G7. Well it can now be said if Guangdong is a country, it too can be in the G7 displacing Canada. In fact, I'm not sure Hong Kong and Macau's GDP is counted, if it isn't and if you add that to it, it will dispplace italy as the next largest in the G7

From Global time:

Guangdong’s GDP largest among Chinese provinces, growing 2.3% in 2020
By Global TimesPublished: Jan 24, 2021 10:08 AM


South China’s Guangdong Province, a major manufacturing hub in China, achieved GDP growth of 2.3 percent year-on-year against the headwinds on the export-oriented economy caused by the COVID-19 pandemic, the province’s governor said.

The province’s GDP surpassed the 11 trillion yuan ($1.7 trillion) mark in 2020 for the first time, a jump from 7.5 trillion yuan in 2015, ranking it No.1 for 32 consecutive years among all Chinese provinces in terms of economic output, Guangdong’s Governor Ma Xingrui said during the government work report delivered on Sunday.

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[hkbc]

It used to be said if California was a country, it will be in the sxxty G7. Well it can now be said if Guangdong is a country, it too can be in the G7 displacing Canada. In fact, I'm not sure Hong Kong and Macau's GDP is counted, if it isn't and if you add that to it, it will dispplace italy as the next largest in the G7

From Global time:

Guangdong’s GDP largest among Chinese provinces, growing 2.3% in 2020
By Global TimesPublished: Jan 24, 2021 10:08 AM


South China’s Guangdong Province, a major manufacturing hub in China, achieved GDP growth of 2.3 percent year-on-year against the headwinds on the export-oriented economy caused by the COVID-19 pandemic, the province’s governor said.

The province’s GDP surpassed the 11 trillion yuan ($1.7 trillion) mark in 2020 for the first time, a jump from 7.5 trillion yuan in 2015, ranking it No.1 for 32 consecutive years among all Chinese provinces in terms of economic output, Guangdong’s Governor Ma Xingrui said during the government work report delivered on Sunday.

Link:

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Fun fact Guangdong, has managed to stay the largest in GDP terms all these years because the government never reverted Guangzhou to a municipality separate from the province in1987 reversing the 1954 reforms, unlike Tianjin and Chongqing, despite being the 3rd most populous city in China.

 

[hullopilllw]

 

[AssassinsMace]

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Now how is it China getting more interdependent with the world (AKA the West) in order to have this high economic growth that China desperately needs when it's the US that wants decoupling? Of course it's China that has to submit to every one of the US's demands. Notice no mention of how the US suffers more from a China working at independence or else why the warning since it's the US that can easily end the technology Cold War which is what this is really all about? They already know they failed at getting China to surrender just by threats of leaving China behind. The West is blinded by believing everyone needs them hence they think Chinese will panic and then they'll get to demand anything they want from China. Of course going independent is going to cost more money but the rewards will be endless when it's done like diminishing Western power over the world. That's why it has to be China surrendering. The US is in the desperate position because Chinese independence from the West means the world will be independent from the West.

 

[bajingan]

The question is, if you are one of those types of dollar millionaires, do you feel rich?

I live in australia and with wages growth not keeping up with rising inflation, plus we are in a middle of real estate bubble that will inevitably burst, i don't feel rich nor secure, however back in my home country indonesia, my $ goes a lot further and i do feel wealthy

 

[ansy1968]

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Now how is it China getting more interdependent with the world (AKA the West) in order to have this high economic growth that China desperately needs when it's the US that wants decoupling? Of course it's China that has to submit to every one of the US's demands. Notice no mention of how the US suffers more from a China working at independence or else why the warning since it's the US that can easily end the technology Cold War which is what this is really all about? They already know they failed at getting China to surrender just by threats of leaving China behind. The West is blinded by believing everyone needs them hence they think Chinese will panic and then they'll get to demand anything they want from China. Of course going independent is going to cost more money but the rewards will be endless when it's done like diminishing Western power over the world. That's why it has to be China surrendering. The US is in the desperate position because Chinese independence from the West means the world will be independent from the West.

@AssassinsMace Sir the Hubris, bluff, threat and bullying is all they got, they can't cross the line cause they can't afford losing China especially its consumer product, the west lost its mojo, hard work and sacrifice is being frown upon and instant gratification is being promoted instead.

 

[B.I.B.]

I live in australia and with wages growth not keeping up with rising inflation, plus we are in a middle of real estate bubble that will inevitably burst, i don't feel rich nor secure, however back in my home country indonesia, my $ goes a lot further and i do feel wealthy

its the same in nz Lets say a teacher bought a middle class 3to4 bed room home on Aucklands North shore in one of the better suburbs that overlooked the sea on 1/4 acre section around 1970 for 25 to 30k in 1970, he should get 1.6 to 2million if he sold it now and feel rich if he downsized and bought something for half the price, even if it meant moving cities.
In 1970 a person would have figured he might get 10 to 15 times what he paid for it come retirement time.
I'm in the middle of supervising the selling of a home on behalf of a relative whose dad paid $12000 dollars for in 1957. She already turned down a 2.9 million pre auction offer. It seems all around the world in developed countries, theres a property bubble.