Chinese Economics Thread

[Biscuits]

its true. US also count lawyer fees in GDP.

i m not an expert in finance but China's actual GDP in nominal is 30-40 percent larger than USA if they use same method to count their GDP. China still use old method means real productivity. this is what my Chinese friend told me.

night life in China probably the largest gathering of people in the world. China don't even count that business.

IIRC China does not count online retail as gdp either. They're usually 10-15 yrs behind most of the world when it comes to updating gdp calculation standards.

Probably due to large country size and refusal to use estimates when data is lacking.

Through no matter which sectors of gdp are calculated, one still needs to take into account local currency scaling or the result can't really show any data.

 

[antiterror13]

IIRC China does not count online retail as gdp either. They're usually 10-15 yrs behind most of the world when it comes to updating gdp calculation standards.

Probably due to large country size and refusal to use estimates when data is lacking.

Through no matter which sectors of gdp are calculated, one still needs to take into account local currency scaling or the result can't really show any data.

wowww, online retail is huge in China ... perhaps the biggest in the world. Wondering whether food delivery industry is included, which is also very big in China

 

[Strangelove]

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Chinese ministry plans national VR manufacturing center in Nanchang city

By Global Times Published: Nov 13, 2022 07:45 PM

Visitors experience VR gaming capsules at the Intelligent Industry & Information Technology exhibition area of the fifth China International Import Expo (CIIE) in east China's Shanghai, Nov. 5, 2022. (Photo: Xinhua)

An official from China's Ministry of Industry and Information Technology (MIIT) said that financing for virtual reality (VR) industry across the nation saw 100 percent year-on-year increase in 2021, and the ministry plans to set up a national-level manufacturing center to boost the sector, CCTV reported on Sunday.

During the 2022 World Conference on VR Industry held in Nanchang, East China's Jiangxi Province, the MIIT official said the market of VR and augmented reality (AR) saw fast expansion in recent years.

The 2021 global output of VR-related equipment surpassed the milestone of 10 million units with domestic financing for the VR sector doubling in the year, said the MIIT, noting that the number of registered VR enterprises has surpassed 10,000 in China.

According to the official, the MIIT has approved the establishment of a national-level VR manufacturing and innovation center in Nanchang city, in a bid to accelerate the development of VR applications.

In early November, the MIIT along with other four top central government departments jointly issued a development outline for applying VR technology from 2022 to 2026 which plans to bring the country's VR industry production to reach 350 billion yuan of market scale by 2026, while develop 100 leading VR enterprises by that year.

VR and AR are two of pillar technologies for the growth of the metaverse industry. The market scale of VR and AR-related hardware in China is estimated to reach 187.77 billion yuan by 2025, Chinese iiMedia Research Institute said.

And, a metaverse research center will be established in Shenzhen in South China's Guangdong Province to boost the development of metaverse-related industries including VR and AR. Governments in Beijing and Shanghai also issued documents to support the development of local metaverse enterprises.

 

[sunnymaxi]

https://twitter.com/i/web/status/1592196334790283264

property crisis are almost over.

CPC probably the most effective governing body of all time.

 

[Jiang ZeminFanboy]

https://twitter.com/i/web/status/1592196334790283264

property crisis are almost over.

CPC probably the most effective governing body of all time.

Property crisis firstly was the doing of Chinese government policy of restricting growth of debt, the so called 3 red lines. So these videos and thousands of articles about crashing property sales were a big copium for masses.

The policy was changed after - 30% or so yoy declines for months in real estates sales. But I believe it's not back to the same policy as before, they want probably the property market to be stable and not in growth or big declines.

 

[TK3600]

wowww, online retail is huge in China ... perhaps the biggest in the world. Wondering whether food delivery industry is included, which is also very big in China

biggest by far. Aliexpress is way bigger than Amazon and JD.com is way bigger than ebay. For reference Walmart is like 10x smaller than Aliexpress.

 

[sunnymaxi]

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First quarter = 4.8%

Second quarter = 0.9% .. covid lockdowns

Third quarter = 3.9%

Fourth quarter = 5.0%

 

[hkbc]

Property crisis firstly was the doing of Chinese government policy of restricting growth of debt, the so called 3 red lines. So these videos and thousands of articles about crashing property sales were a big copium for masses.

The policy was changed after - 30% or so yoy declines for months in real estates sales. But I believe it's not back to the same policy as before, they want probably the property market to be stable and not in growth or big declines.

Beg to differ but the property 'crisis' was the doing of over extended developers who had US government style borrowing habits and the expectation of a one way bet of ever increasing property values. The CPC policy makers merely called time, after the warnings that property is for living in and not speculation went unheeded.

The Western MSM then went on its 'China's Lehman Bros' acid trip, this time China's economy is going to crash, because that's the kind of clickbait that generates revenue! Like every time the water levels rises in the 3 gorges the dam's going to collapse unsurprisingly both still standing! If you're conspiracy minded the government took the drop in GDP because of Covid in Q2 to clean house with all the bad news....

 

[gelgoog]

China did well to pop the property bubble before it grew even further like happened in the US with the Freddie Mac scam.

 

[supercat]

China did well to pop the property bubble before it grew even further like happened in the US with the Freddie Mac scam.

Unlike the U.S. regime, Chinese policy makers have multiple tools to adjust the economy, including the real estate market:

Chinese property stocks surge, backed by government’s new favorable measures

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China helps micro and small business by deferring the repayment of their loans.

China to extend loan support for micro, small businesses​

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China's solar energy sector is doing well, despite U.S. sanctions.

https://twitter.com/i/web/status/1591991680416509952

More indicators of China's economic growth:

China's power use up 3.8 pct in first 10 months​

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Foxconn hiring workers, offering bonus​

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