Yes. Bytedance can't sell it with its special algorithm.
Chinese Economics Thread
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Yes. Bytedance can't sell it with its special algorithm.
Hello ansy1968,
Everyone has the right to their own opinion of others. I look at results more then words.
Thank you
Extract from the article. Never knew that China was SUCH a bigger player in the global digital economy.
The US and China account for over 75% of cloud computing, 75% of all patents related to blockchain, and 50% of spending on IoT. Between them, they have over 90% of market capitalization in the world's largest digital platforms. As a result, some countries, companies and sectors are benefiting far more from digitalization than others.
The dividends of the digital economy are still unevenly shared. A relatively small number of countries including the US (35%), China (13%), Japan (8%) and European Union states (25%) are reaping the benefits of the global digital economy. Likewise, a handful of firms – Amazon, Alphabet, Apple, Google, Facebook, and Microsoft alongside Alibaba, Baidu, Huawei, Tencent, WeChat and ZTE – have achieved dominant market positions and account for 90% of all revenue and profits.
The US and China account for over 75% of cloud computing, 75% of all patents related to blockchain, and 50% of spending on IoT. Between them, they have over 90% of market capitalization in the world's largest digital platforms. As a result, some countries, companies and sectors are benefiting far more from digitalization than others.
The dividends of the digital economy are still unevenly shared. A relatively small number of countries including the US (35%), China (13%), Japan (8%) and European Union states (25%) are reaping the benefits of the global digital economy. Likewise, a handful of firms – Amazon, Alphabet, Apple, Google, Facebook, and Microsoft alongside Alibaba, Baidu, Huawei, Tencent, WeChat and ZTE – have achieved dominant market positions and account for 90% of all revenue and profits.
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Nominal GDP is an important metric; it's important at least from a psychological standpoint. But China has surpassed the US in many equally important metrics, and achieved levels that Japan or the Soviet Union could not even dreamed of either in absolute or in relative terms to the US.
1. China's economy measured by PPP GDP surpassed that of the US in 2014.
2. China's industrial output surpassed that of the US back in 2010; it is now equal the the combined output of the US, Japan and Germany, next three largest industrial powers.
3. China's annual steel output exceeds the combined output of the rest of the world combined.
4. China's annual auto production units consist of 28% of the world total, and exceeds the combined production units of the US, Japan and Germany, the next three largest auto production countries.
...... There are many more such metrics, which are considered as the level of industrialization. China is far away the world's largest industrial country, by aggregate measures.
We can also look at a few of the metrics for service industries.
5. The domestic passenger air traffic volume in 2018. The domestic US market is the world’s largest single market, with almost 590 million passenger journeys undertaken in 2018. Domestic China comes a close second, with 515 million. Incrementally, China added most domestic passenger journeys globally, by 50 millions, while the US added the second most by 30 million. China has by far the most international travelers , about 130 million tourists annual. It must be noted though that passenger travel much more by rail in China while the US drives more.
6. Box office revenues in 2018. The US takes the lead at $11.08 billion, while China at the second at $9.15 billion. China should take the lead in a few years (China already leads this year, but let's not count this year...).
7. Retail sales. China and the US should be neck-to-neck in this category currently.
Undoubtedly, the US continues to lead in the majority of the categories in per capita, but we're talking about the aggregate numbers here.
Finally, in the New Economy department, the US and China are a wash and dominate the rest of the world, each leads in respective areas, such as e-commerce, digital payments, streaming media, cloud computing, 5G, etc. Overall, the US has the edge in basic research and foundational technologies, but China has the advantage in application scale, speed, scope and infrastructure. I see China will gradually leads the US overall.
So nominal GDP is but a game, but China is expected to win the game and claims the unquestionable title of the world's #1 economy.
Correction: Above should be "industrial value-add output," not "industrial output." The two are different, the latter may include double counting.
I think we shouldn't all get to hung up about number 1 status. Or GDP measurement. Yes it is important to show how far China has come in a few decades or indeed since the end of chin dynasty. But we mustn't use it as a dick measuring contest.
China should strive to greater GDP for the improvement of its people and for the defence of her sovereignty and dignity.
We all seen China has suffered in the past two century's at the hands of foreigners because of her relative small GDP.
GDP is only good as measurement for comparison against others. China real GDP as measure in PPP is where the cutting edge is. This is where China gets more bang for it's money.
China should strive to greater GDP for the improvement of its people and for the defence of her sovereignty and dignity.
We all seen China has suffered in the past two century's at the hands of foreigners because of her relative small GDP.
GDP is only good as measurement for comparison against others. China real GDP as measure in PPP is where the cutting edge is. This is where China gets more bang for it's money.
Most uprising for me is Huawei rank at number 5.
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