China`s GDP per capita from National Bureau of Statistics of China from 2013 to 2023;
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.
The value of the RMB is manipulated to serve the interests of national growth; the purpose is not to have a d*ck measuring competition with Saint Lucia, a place so inconsequential, I only know of its existence through my entomology hobby. When China wants to export more, the value is dropped, and if that causes or rather allows some people to paint it as a failure of the Chinese economy, the CCP doesn't care. When China revalues its currency to suit the economic situation, the West suddenly panicks with headlines like, "China's GDP growth this year surpassed the entire size of Canada's Economy!" And when they say that, the CCP still doesn't care.
China is in terms of GDP per capita (in USD) less productive than Mexico, Saint Lucia, Turkey, Argentina, Malaysia, Russia, Kazakhstan and Turkmenistan.
And yet none of those countries have the power or technology to challenge the US. Is it due to just China's sheer size? On an individual basis, Chinese are known for higher scholastic achievement and STEM contribution than the citizens of these countries and of all other countries in the world as well. So what does that tell you about the usefulness of your metric?
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’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...
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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 also don't see this happening because China does not want this to happen and I don't see it as important either. China's PPP is already much higher and running away. National projects in technology and military, the pillars to national power, rely very primarily on PPP and only sometimes graze nominal GDP when a few things from a waning list are imported.
I want to add something that will not be popular among many members. China is not third world country in the sense of Burundi.
Nobody would have made that comparison except you, and China is a second world country.
China has always been technically superior to Africa with the exception of white-ruled apartheid South Africa.
Why thank you. America has always been technically superior to Latin American tribes except the Mayans.
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.
I'm sorry, did you think that you were describing China? Because having lived in both countries I thought for sure you were talking about the US. Especially with the US housing crisis, the rich getting much richer through the pandemic and the poor becoming homeless, this is certainly the US as it doesn't happen in China. In the end, when you talked about slums and crime and poverty, that was certainly California, wasn't it? You can't find a place in China where there are homeless encampments all over the street. You can't rob a store and broad daylight with your 25 friends and not expect to all go to jail in China. You're talking about America.
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.
But the number of rural Chinese have dropped and are dropping further. The transformation of rural peasants into highly educated urban workers is the engine behind China's power. And there's a lot more engine left to be tapped into while America's already panicking on the ropes.
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.
Looks great to me! Everyone's safe, doing their thing, no aggressive homeless people threatening to rob you if you don't give them money. Nobody getting shot, nobody running through the streets with an armfull of loot, no hobo camps. America could really learn something from this.
Of course images like above is expected as Chinese workers make so little money.
How much do they make versus the cost of living? They're not hobos on welfare like Americans. Chinese look richer to me.
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.
It just so happens that over the last few decades, China's specialty has become succeeding contrary to all Western beliefs and examples. If not, China's economy would have collapsed at least several times a year by now.
With automatization, increased corporate efficiency and lack of opportunity other than menial work many college educated Chinese youth will stay poor.
LOLOL Guess we need to kneecap our own technology, eh? That's the Western solution (for others). China's solution is to simply expand horizontally, create more so there's more for everyone. 10 workers producing 10 units doesn't become 1 worker with 10 machines producing 10 units; it becomes 10 workers with 100 machines producting 100 units. More for Chinese people, higher living standards for Chinese people.
She's got a business and a home to live in; that's so nice. Check this American shit out:
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.
What does "a developed social and economic level" mean? If you can have poorer technology, a stagnant economy, higher crime, drug addiction, homelessness compared to a "developing country" like China, what does the tag of "developed economy" mean?
The only countries in Asia that show potential are China and Vietnam. China seem to fail it´s mission.
No, China has succeeded in keeping its developing nation status for the benefits it offers. America has failed its mission to remove that status and convey a developed nation status on China.
But...
