You can see in 2016, that China does 8x as many STEM graduates than the USA.
If China was to drop to US STEM rates, China would only be doing half as many.
Chinese Economics Thread
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You can see in 2016, that China does 8x as many STEM graduates than the USA.
If China was to drop to US STEM rates, China would only be doing half as many.
That's a false conclusion
Have you seen what is taught in Western universities these days?
Also, Germany has one of the lower university graduate populations per capita.
Yet German wages and living standards are comparable to the USA, once you adjust for the nonsense in the US statistics.
For example, you've got to take off a bare minimum of 1/3 of US healthcare spending because of the wastage involved with the grotesque privatised system, as per the Economist. That is 6% of US GDP alone.
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University IMHO should just be for the top 10-15% max of students. Any more and what you're really doing is parking youth unemployment and subsidizing the tertiary education sector at the expense of non-graduates. You are also storing up problems for the future with a vast oversupply of graduates into a market that only has a certain number of grad-level jobs. You can see this manifesting in the "Great Awokening" in the USA right now.
Similar or even punching up compared to close country by GDPPc (Turkey, LatAm, etc)
Any reason why it is 15% and not 25% of the top students, as long as it is STEM?
Plus the US is in its situation partly because the US government will pay the full cost of a Masters degree with no questions asked.
Much of the university system is being run for profit and to extract as much money as possible, regardless of whether jobs are available at the end.
Where did you hear that? in the US most masters are either self paid (especially MBA and liberal arts) or paid with labor (STEM). That is why there is a student debt crisis in the first place.
For PhDs it is free - but you work for less than minimum wage (20-30k per year) with no time limits on the job when an equivalent qualification job pays at least 40-60k per year for 40-50 hours a week. So you still pay in labor value.
OECD 2020 China Data: Less than 15% working population in China graduated from high school and less than 10% from college.
The level of upper secondary and post-secondary non-tertiary attainment among 25-64 year-olds is one of the lowest among OECD and partner countries with available data. (14.8 %, rank 44/45 , 2020)
The level of tertiary attainment among 25-64 year-olds is one of the lowest among OECD and partner countries with available data. (9.7 %, rank 46/46 , 2020)
25 - 64 = working population.
Upper secondary and post-secondary non-tertiary = Academic high school and vocational/technical high school/2-year college
In 2021, 2/3 of rural children in China don't go to high school. Say these kids are 15 years old and life expectancy is 80, that means even by 2086, China's high school graduation rate (< 74%, 100% - 2/3 of 40%) will not equal to the U.S. today.
There is a HUGE disparity between the poor rural/migrant and the urban rich...
Attainment
The level of below upper secondary attainment among 25-34 year-olds is one of the highest among OECD and partner countries with available data. (64.3 %, rank 2/44 , 2020)The level of upper secondary and post-secondary non-tertiary attainment among 25-34 year-olds is one of the lowest among OECD and partner countries with available data. (17.7 %, rank 43/44 , 2020)
The level of below upper secondary attainment among 25-64 year-olds is one of the highest among OECD and partner countries with available data. (75.5 %, rank 2/45 , 2020)
The level of upper secondary and post-secondary non-tertiary attainment among 25-64 year-olds is one of the lowest among OECD and partner countries with available data. (14.8 %, rank 44/45 , 2020)
The level of tertiary attainment among 25-64 year-olds is one of the lowest among OECD and partner countries with available data. (9.7 %, rank 46/46 , 2020)
The level of tertiary attainment among 25-34 year-olds is one of the lowest among OECD and partner countries with available data. (17.9 %, rank 44/45 , 2020)
The level of tertiary attainment among 55-64 year-olds is one of the lowest among OECD and partner countries with available data. (3.6 %, rank 45/45 , 2020)
In China, the percentage of 25-64 year-olds who attained a bachelor's or equivalent tertiary education degree is one of the lowest among countries with available data. (3.5 %, rank 44/46 , 2020)
China has one of the lowest percentages of 25-64 year-olds whose highest education level is a master's or equivalent tertiary education degree. (0.4 %, rank 42/43 , 2020)
The level of below upper secondary attainment among 55-64 year-olds is one of the highest among OECD and partner countries with available data. (88.1 %, rank 2/44 , 2020)
The level of upper secondary or post-secondary non-tertiary education attainment among 55-64 year-olds is one of the lowest among OECD and partner countries with available data. (8.3 %, rank 43/44 , 2020)
Germany gdp will crumble once China is able to make all these precision machinery. A big part of Germany gdp is related to the car industry. But China is now dominant in batteries and EVs. All Chinese need to buy Chinese brand vehicles, and then as they kick out all German cars, their gdp will crumble.
Very unlikely that CPTPP is going to benefit China. It's a grouping which demand countries be "Democratic" or "Free market" - by definitions loosely defined and arbitrarily enforced.