China`s GDP per capita from National Bureau of Statistics of China from 2013 to 2023;
If the RMB had not lost value since 2013 the China´s GDP would have reached about $14,157 (2024-01-31) exchange rate. Because of the weak RMB, China has fallen below the World´s average GDP per capita. China is in terms of GDP per capita (in USD) less productive than Mexico, Saint Lucia, Turkey, Argentina, Malaysia, Russia, Kazakhstan and Turkmenistan.
I understand that there are politics, economic strategy and monetary policy involved here but still. Several members on this forum have argued that China would pass the USA`s GDP between 2025-2030.
There are no indication this event will happen in the 2020s. Mainstream economics indicate that China´s GDP (and GDP per capita) is falling in relation to other countries. This can in part can be explained by the weak RMB.
I want to add something that will not be popular among many members. China is not third world country in the sense of Burundi. China has always been technically superior to Africa with the exception of white-ruled apartheid South Africa. Contemporary China is in many ways similar to the United Kingdom during Victorian era (1837-1901). A small and rich industrial and government elite that rule the people through a class of modestly wealthy and well-paid cohort of civil servants and professionals in the private industry.
Below the managerial class you find the working class. A class that to large extent consists of semi-skilled workers that work unsafe and dangerous factories for little money. China has also a growing class of poor urban workers. They sell what they find along the streets or in small shops. Many of them also work in the bottom of the service sector - driving food to the aloof managerial class. These workers live in slums with diseases, crime and poverty between the skyscrapers and modern high-rise buildings. Rural China is still intact and 7.5% of Chinese GDP stem from a agriculture. The lives of Chinese rural peasants lives has not changed much and they contribute little per capita to the economy.
The average salary in the private industry is $770/month (2022). The average salary for a worker in government is $1340/month. These massive diffrences between an overpaid class of civil servants and everyone else are typical for developing countries. The median salary is no doubt much lower. This is how Chongqing look behind the finance, business and shopping districts.
Of course images like above is expected as Chinese workers make so little money. In June 2023 the youth unemployment in China hit 21%. By the end of 2023 it had dropped to 15% more in line with 2022. China, like so many other countries, think that (mass)production of college students will solve this issue. This has been tried and failed all over the world., in Sweden, India, South Africa, Brazil, Canada and the United States. With automatization, increased corporate efficiency and lack of opportunity other than menial work many college educated Chinese youth will stay poor.
Only a few countries have been able to reach a developed social and economic level. These are the Eastern European EU-members that were lifted by the European Union and Israel. Israel was lifted by the United States and the Jewish diaspora. The others are Singapore, South Korea and Japan. The only countries in Asia that show potential are China and Vietnam. China seem to fail it´s mission.
2023: 89,358 RMB ($12,584)
2022: 85,310 RMB ($12,017)
2021: 81,370 RMB ($11,462)
2020: 71,828 RMB ($10,117)
2019: 70,078 RMB ($9,871)
2018: 65,534 RMB ($9,231)
2017: 59,592 RMB ($8,394)
2016: 53,783 RMB ($7,576)
2015: 49,922 RMB ($7,032)
2014: 46,912 RMB ($6,608)
2013: 43,497 RMB ($6,126) - (USD in 2024-01-31 USD-RMB exchange rate for visualization)
If the RMB had not lost value since 2013 the China´s GDP would have reached about $14,157 (2024-01-31) exchange rate. Because of the weak RMB, China has fallen below the World´s average GDP per capita. China is in terms of GDP per capita (in USD) less productive than Mexico, Saint Lucia, Turkey, Argentina, Malaysia, Russia, Kazakhstan and Turkmenistan.
I understand that there are politics, economic strategy and monetary policy involved here but still. Several members on this forum have argued that China would pass the USA`s GDP between 2025-2030.
Can China overtake the US in GDP Nominal before the end of this decade? A Thread...
There’s no need to do this anymore. In OP’s most optimistic projection of China’s 2021 nominal GDP, he was still way too conservative by a trillion dollars. 2025 is a given. Let’s move on. Can we please do a 2023 update to this table? There is definitely a need to to do this, as the US and...
www.sinodefenceforum.com
There are no indication this event will happen in the 2020s. Mainstream economics indicate that China´s GDP (and GDP per capita) is falling in relation to other countries. This can in part can be explained by the weak RMB.
I want to add something that will not be popular among many members. China is not third world country in the sense of Burundi. China has always been technically superior to Africa with the exception of white-ruled apartheid South Africa. Contemporary China is in many ways similar to the United Kingdom during Victorian era (1837-1901). A small and rich industrial and government elite that rule the people through a class of modestly wealthy and well-paid cohort of civil servants and professionals in the private industry.
Below the managerial class you find the working class. A class that to large extent consists of semi-skilled workers that work unsafe and dangerous factories for little money. China has also a growing class of poor urban workers. They sell what they find along the streets or in small shops. Many of them also work in the bottom of the service sector - driving food to the aloof managerial class. These workers live in slums with diseases, crime and poverty between the skyscrapers and modern high-rise buildings. Rural China is still intact and 7.5% of Chinese GDP stem from a agriculture. The lives of Chinese rural peasants lives has not changed much and they contribute little per capita to the economy.
The average salary in the private industry is $770/month (2022). The average salary for a worker in government is $1340/month. These massive diffrences between an overpaid class of civil servants and everyone else are typical for developing countries. The median salary is no doubt much lower. This is how Chongqing look behind the finance, business and shopping districts.
Of course images like above is expected as Chinese workers make so little money. In June 2023 the youth unemployment in China hit 21%. By the end of 2023 it had dropped to 15% more in line with 2022. China, like so many other countries, think that (mass)production of college students will solve this issue. This has been tried and failed all over the world., in Sweden, India, South Africa, Brazil, Canada and the United States. With automatization, increased corporate efficiency and lack of opportunity other than menial work many college educated Chinese youth will stay poor.
Only a few countries have been able to reach a developed social and economic level. These are the Eastern European EU-members that were lifted by the European Union and Israel. Israel was lifted by the United States and the Jewish diaspora. The others are Singapore, South Korea and Japan. The only countries in Asia that show potential are China and Vietnam. China seem to fail it´s mission.
