Chinese Economics Thread

[luminary]

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In October 2018, the United States blocked the appointment of new WTO Appellate Body members, rendering it nonfunctional. The United States blockade on appointments remains in place to this date. The US claims that the Appellate Body is unfair and it does not support US interests.

However, 22 WTO members have now created an alternative appellate mechanism designed to arbitrate WTO disputes among themselves –

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(the “MPIA”). In terms of their proportion of world trade, the MPIA was founded with inclusion of large entities such as the EU and China, but not the United States, Japan or Korea.



Recently,

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. Moreover, "Japan's membership may increase pressure on wavering [countries] like the United Kingdom and South Korea." This is big news because there is now a legal path forward for future trade disputes between Japan and China.

 

[Dolcevita]

If you are a Chinese official with dirty money abroad then you have zero sympathy from me when they get confiscated.

Unfortunately the risk is not restricted to corrupt officials with dirty money. The American view of rule-based order is now increasingly whatever it takes to maintain the white anglo hegemony.

 

[TK3600]

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In October 2018, the United States blocked the appointment of new WTO Appellate Body members, rendering it nonfunctional. The United States blockade on appointments remains in place to this date. The US claims that the Appellate Body is unfair and it does not support US interests.

However, 22 WTO members have now created an alternative appellate mechanism designed to arbitrate WTO disputes among themselves –

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(the “MPIA”). In terms of their proportion of world trade, the MPIA was founded with inclusion of large entities such as the EU and China, but not the United States, Japan or Korea.

View attachment 108995

Recently,

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. Moreover, "Japan's membership may increase pressure on wavering [countries] like the United Kingdom and South Korea." This is big news because there is now a legal path forward for future trade disputes between Japan and China.

View attachment 108994

This is the next big diplomatic bomb after Saudi-Iran deal.

 

[ACuriousPLAFan]

New Chinese Premier Li Qiang's first press conference regarding the Chinese economy:

https://twitter.com/i/web/status/1635127538921111553

From one of the quote tweets: "A lot of people miss this when talking about China. GDP is not that important, so much so there have been talks and experiments to abandon the metric completely (e.g. by switching over to gross ecosystem product, GEP)."

 

[sunnymaxi]

https://twitter.com/i/web/status/1635208764151447553

premier Li answers question about China's shrinking population..

Premier Li: "China now has 900million strong workforce, with 15 million joining the workforce annually.. The average years of education for new people entering the workforce is 14 years."

Which means most of the have university education or a diploma.

 

[BlackWindMnt]

New Chinese Premier Li Qiang's first press conference regarding the Chinese economy:

https://twitter.com/i/web/status/1635127538921111553

From one of the quote tweets: "A lot of people miss this when talking about China. GDP is not that important, so much so there have been talks and experiments to abandon the metric completely (e.g. by switching over to gross ecosystem product, GEP)."

What is this gross ecosystem production?

 

[tonyget]

Interestingly, while the share of Chines manufacturing is increasing globally (as big as the US and EU combined), domestically its share of Chinese GDP is actually decreasing, indicating that the service sector is playing an increasingly important role in Chinese economy. Notice that the second figure is somewhat misleading. It compares the share of manufacturing to each country's GDP. It's not meant to compare the total volume of each country's manufacturing.

https://twitter.com/i/web/status/1634468915836485633

More like real estate playing an increasingly important role in Chinese economy

 

[ACuriousPLAFan]

What is this gross ecosystem production?

This may help.

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[BlackWindMnt]

This may help.

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Ooh thanks for sharing, its an interesting metric and like the article says it does sounds like it might have the same pitfalls as GDP has that it becomes more about spreadsheet management and the risk of party elites getting disconnected from environment or society.

 

[manqiangrexue]

This may help.

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That was disappointing. I was hoping it meant that it would take the gross output of the financial ecosystem to measure the value of what was created so that the same item being sold 6 times over or a man paying imaginary rent to himself every month don't count like they do under the traditional Western-puffed up GDP measure. But that's not what it is.

On another note, the US will sure be pleased about this if China switches because they then get to be the largest GDP forever! Or at least the forseeable future.