On the contrary, the two statements are unambiguously true. The numbers are provided in the linked comment, as is the source, for anyone who wants to see it for themself.
Chinese Economics Thread
- Thread starter Norfolk
- Start date
I'd forget it and move on, to save you some time, the follow up will be something along the lines of "you and your western propaganda!", "you just don't understand the issues and you're cherry picking your data!"
Dizasta1
Senior Member
Petro-yuan helps Russia & China dump US dollar in oil trade
China is the world's biggest crude consumer and buys most of its oil from Russia. However, most settlements are still in US dollars. The launch of the petro-yuan now allows Moscow and Beijing to use national currencies instead.
China and Russia are actively reducing dependence on the dollar in bilateral trade. In October 2017, Beijing launched a payment system for transactions in yuan and Russian rubles. This means that settlements for Russian oil deliveries to China, which have reached 60 million tons per year, can be done without using the dollar.
After Monday's launch of the yuan-backed oil futures in Shanghai, there have been negotiation between Russia and China on mutual promotion of oil futures in national currencies, RIA Novosti reported. In 2016, the St. Petersburg exchange in Russia launched Urals oil futures in the Russian ruble, and support from China could prop up Russian crude futures.
China's new oil benchmark had a hugely successful debut. On the first day of trading in Shanghai, 62,500 contracts with more than 62 million barrels of crude traded for a notional value of nearly 27 billion yuan ($4 billion), Zerohedge reported. Glencore, Trafigura, Freepoint Commodities and other huge oil-trading corporations took part.
Russia held its position as China's largest crude oil supplier in February. Russia supplied 5.052 million tons, or 1.32 million barrels per day (bpd) last month, up 17.8 percent from a year earlier, according to Reuters, quoting the Chinese General Administration of Customs.
The increase in volume happened as a result of a second Sino-Russian oil pipeline, which began operations on January 1. It doubled China’s capacity to pump oil from the East Siberia-Pacific Ocean (ESPO) system. ESPO connects Russia and China with a direct pipeline.
China is the world's biggest crude consumer and buys most of its oil from Russia. However, most settlements are still in US dollars. The launch of the petro-yuan now allows Moscow and Beijing to use national currencies instead.
China and Russia are actively reducing dependence on the dollar in bilateral trade. In October 2017, Beijing launched a payment system for transactions in yuan and Russian rubles. This means that settlements for Russian oil deliveries to China, which have reached 60 million tons per year, can be done without using the dollar.
After Monday's launch of the yuan-backed oil futures in Shanghai, there have been negotiation between Russia and China on mutual promotion of oil futures in national currencies, RIA Novosti reported. In 2016, the St. Petersburg exchange in Russia launched Urals oil futures in the Russian ruble, and support from China could prop up Russian crude futures.
China's new oil benchmark had a hugely successful debut. On the first day of trading in Shanghai, 62,500 contracts with more than 62 million barrels of crude traded for a notional value of nearly 27 billion yuan ($4 billion), Zerohedge reported. Glencore, Trafigura, Freepoint Commodities and other huge oil-trading corporations took part.
Russia held its position as China's largest crude oil supplier in February. Russia supplied 5.052 million tons, or 1.32 million barrels per day (bpd) last month, up 17.8 percent from a year earlier, according to Reuters, quoting the Chinese General Administration of Customs.
The increase in volume happened as a result of a second Sino-Russian oil pipeline, which began operations on January 1. It doubled China’s capacity to pump oil from the East Siberia-Pacific Ocean (ESPO) system. ESPO connects Russia and China with a direct pipeline.
solarz
Brigadier
Repeating something is true doesn't make it so.
Please explain to me how two demographic peaks at 25-29 and 45-49 will result in a steadily aging population until 2060? By the time the first demographic reaches retirement age, the second demographic would be over 80 years old. The average life expectancy in China is only 76 years.
I'd forget it and move on, to save you some time, the follow up will be something along the lines of "you and your western propaganda!", "you just don't understand the issues and you're cherry picking your data!"
If you have a disagreement with me on another thread, respond in that thread.
I think this merits a closer look. If we define the retirement age to be 65 (which we shouldn't, since it isn't static, but it's a fair enough simplification), the first cohort will start to retire in 16 years (i.e., 2033), while the second cohort will enter retirement in 36 years (i.e., 2053). Think about the pace of medical advancements over that time frame -- especially with an increasingly enriched China able to contribute more to that research effort. Think about the breakthroughs being made in laboratories today - CRISPR, iPSCs, etc. - and run the tape forward a few decades. I don't think a 65 year old of the first cohort will be in the same state of ill-health as 65 year old of today, let alone a 65 year old of the second and subsequent cohorts.
Jura The idiot
General
antiterror13
Brigadier
Alibaba Launches Car Vending Machine in Guangzhou (note : for Ford cars)
solarz
Brigadier
Those graphs are just repetitions of your previous statements, not explanations.
As shown in the age pyramid I provided, China's largest demographic slice is the 25-29 group. They will only enter retirement in 30 years, more than enough time for a new generation to enter the work force.
solarz
Brigadier
More importantly, it is highly likely that in 30 years, the nature of the economy would have changed dramatically. Think about what the world was like in the 1980's. Imagine the kind of revolution Machine Learning would have on the economy.
Already, China's economy have shifted dramatically with the introduction of Taobao and Alipay. The remarkable thing in 2018 is not how many Chinese are retired, but how many of them are able to afford retirement life!