China at present is the largest gold producer in the world at around 370 tons in 2021.
do you know how Chinese system works ?
bro. don't watch China with the eyes of Western media.
At this point China does not even have to grow faster than USA per se, just matching their growth (which is easy af given that US when adjusted for inflation barely grows anything) will let China widen the lead.
You don't need an be an expert in politics to know that unpredictable lockdowns are bad for the economy.
Growth in 2022 is substantially lower than it was in 2018 or 2019 and will most certainly miss China's goal of 5.5%.
Yet the youth unemployment rate is still 18%.
Just matching the US in GDP growth (which is always reported in real terms) means the US lead widens because the US is starting off from the larger spot.
I agree; I was providing additional context to the number on federal government spending to extend it to all government/public spending
Potentially, the PISA only covers Beijing/Shanghai/Jiangsu/Zhejiang or 13% of China's population. There isn't enough evidence to claim any direction unless the PISA covers all provinces in China. If you use measures such as the % of the population with a 4 year degree, the US is ahead of China (but of course, problematic since a 4-yr degree may not mean the same in content mastery)
"The young ones don't want to work" has been a complaint from businesses since the beginning of time. In any case, it's not particularly believable. Unemployment excludes those that are not looking for work (i.e., sick, in school, etc). There are 121 million people born in China between 1998 (aged 22) and 2004 (aged 18); the unemployment rate is 18% which means 22 million of them can't find jobs. The article says that there are 30 million unfilled openings so unless 2/3rds of the youth cohort prefers to have no job over a job - preferences can't explain it very well
lockdown actually good for Chinese manufacturing. China can't afford millions of cases ..
coz of second quarter lockdowns overall GDP this year will grow only 3.5 percent. you cannot compare 2022 with 2018-19. Chinese economy will back on track from 2023 onward
doesn't matter. as long as China creating millions of new jobs. with each passing year STEM graduates numbers increasing so its normal to have unemployment rate is high. China's urban unemployment rate is still under 5.5%.
COVID is a mild flu. Millions of cases of flu spread out over many months have no will impact on middle-aged production workers (you can see this as US industrial production soared during the delta/omicron waves)
It won't be on track from 2023 onward because zero COVID is still being the policy that is implemented and the longer zero COVID is implemented, the more irreparable harm you create from people that leave the labor market, declining birth rates and business bankruptcies.
Not enough jobs for the growing working-age population
How are high numbers of STEM graduates supposed to be correlated with high unemployment? Do South Korea and Taiwan have high youth unemployment? China graduates a proportionally similar number of STEM graduates to the United States (both ~7-9%); does the United States have high youth unemployment?
The NBS doesn't publish a full employment survey but the unemployment rate remains low due to tightness in older age brackets but youth unemployment is still very bad because it hurts birth rates and it hurts your future workforce being able to acquire necessary skills and experience