China to overtake US economy; India trumps Japan


mentalfloss
#1
China to overtake US economy; India trumps Japan

China is set to overtake the U.S. as the world's number one economy, while India has jumped into third place ahead of Japan, according to a new study from the world's leading statistical agencies.

The 2011 International Comparison Program (ICP), which involves the World Bank, assesses economies based on purchasing power parity (PPP), an estimate of the real living costs.

The results revealed on Wednesday paint a new and different picture of the global economy compared with the last update in 2005.

The research puts China's gross domestic product (GDP) at 87 percent of the U.S. in 2011 and says the Chinese and Indian economies have more than doubled relative to that of the U.S. In the 2005 study, the ICP believed China's economy was less than half the size of the U.S., at 43 percent.

"The United States remained the world's largest economy, but it was closely followed by China when measured using PPPs. India was now the world's third largest economy, moving ahead of Japan," the report said.

It added: "The results indicate that only a small number of economies have the greatest shares of world GDP. However, the shares of large economies such as China and India have more than doubled relative to that of the United States."

The ICP program is the largest global statistical operation, covering 199 economies from eight regions. It said that changes to its methodology help explain the estimates for the size of China's economy.

Rapid growth has led many economists to anticipate that China, t—he world's second biggest economy, would move into the number one position over the next few years. The latest findings from the ICP could fuel a debate on whether that is likely to happen sooner rather than later.

The Financial Times used the ICP figures to predict that China could overtake the U.S. as the world's largest economy as soon as this year—at least five years earlier than previously forecast.

China to overtake US economy; India trumps Japan
 
Spade
Free Thinker
#2
"We will bury you" in Wal*Martese.
- Mandarin soother.
 
mentalfloss
#3
It's too bad their booming economy hasn't done much for the people actually living there.
 
Spade
Free Thinker
#4
Quote: Originally Posted by mentalflossView Post

It's too bad their booming economy hasn't done much for the people actually living there.

How do you know this?
 
mentalfloss
#5
Quote: Originally Posted by SpadeView Post

How do you know this?

Per capita is lower than it is here.

Just goes to show how a booming economy means **** when there is a high level of wealth disparity.
 
Spade
Free Thinker
#6
Per capita income in a nation of over a billion people is less than per capita income in a nation of 35 million? Why would that be surprising? China has made tremendous strides over the last few decades.
 
mentalfloss
#7
Quote: Originally Posted by SpadeView Post

Per capita income in a nation of over a billion people is less than per capita income in a nation of 35 million? Why would that be surprising? China has made tremendous strides over the last few decades.

I agree it's more difficult with a higher population but considering China's Debt to GDP ratio is so low, they have the capability to raise the standard of living there.
 
Tecumsehsbones
#8
One might almost think Chinese leaders don't care about the people.

I crack me up.
 
petros
#9
Not without higher import costs here.
 
Tecumsehsbones
#10
Quote: Originally Posted by mentalflossView Post

I agree it's more difficult with a higher population but considering China's Debt to GDP ratio is so low, they have the capability to raise the standard of living there.

Full credit, floss. How often have we heard right-wingers respond to criticism of the West with "Well, why don't you object to. . . (usually something about non-whites)."

You did.
 
Blackleaf
#11
Quote: Originally Posted by mentalflossView Post

Per capita is lower than it is here.

Only because it's got 1.3 billion people.
 
Trex
#12
Quote: Originally Posted by mentalflossView Post

It's too bad their booming economy hasn't done much for the people actually living there.


And that is utterly incorrect.

It is true that most Western nations have lost jobs to the third world through
“off shoring” and trade agreements.
The flip side to that is that acute poverty in non-Western nations has dropped significantly as jobs proportionally increase there.
The middle class in what were once second or third world nations (like China) is exploding.
And poverty is shrinking dramatically.

Quote Oxford University”
Some of the poorest people in the world are becoming significantly less poor, according to a groundbreaking academic study which has taken a new approach to measuring deprivation.
The report, by Oxford University’s poverty and human development initiative, predicts that countries among the most impoverished in the world could see acute poverty eradicated within 20 years if they continue at present rates.
It identifies “star performer” nations such as Rwanda, Nepal and Bangladesh as places where deprivation could disappear within the lifetime of present generations. Close on their heels with reductions in poverty levels were Ghana, Tanzania, Cambodia and Bolivia.
The study comes after the UN’s latest development report published last week which stated that poverty reduction drives in the developing world were exceeding all expectations.
It says: “The world is witnessing an epochal ‘global rebalancing’ with higher growth in at least 40 poor countries helping lift hundreds of millions out of poverty and into a new ‘global middle class’. Never in history have the living conditions and prospects of so many people changed so dramatically and so fast.” Unquote
 
Tecumsehsbones
#13
I'm not sure quoting an article that doesn't mention China even once is the best way to demonstrate that poverty is going down in China.

But that's just me. I'm sure many people will find the reduction of poverty in Bolivia to be intimately connected and relevant to China.
 
petros
#14
My friend in China lives as good a life as she did living here. Her and her new hubby who is a car salesman bought a new hirise condo in Shanghai for $55K. Between the two them they make $1100 US a month. That is like making $6500 a mont here.
 
Trex
+1
#15
Quote: Originally Posted by TecumsehsbonesView Post

I'm not sure quoting an article that doesn't mention China even once is the best way to demonstrate that poverty is going down in China.

But that's just me. I'm sure many people will find the reduction of poverty in Bolivia to be intimately connected and relevant to China.

And that is because the growth of the second and thirld world's middle class is a global phonomenon and not just applicable to China.
I assumed that when an article discusses the entire second and thirld world most people would be clever enough to understand China and India would be included.
Perhaps not.

Or you could have just gone to google.

quote International Business Insider,"Today, China has around 150 million people earning between US$10 and US$100 per day. As long as China continues to grow, and necessary economic reforms are made, we expect as many as 500 million Chinese could enter the global middle class over the next decade.

By 2030 around one billion people in China could be middle class — as much as 70% of its projected population.
unquote
 
mentalfloss
#16
I guess my main point is that quality of life won't improve in China simply under the spectre of capitalism.

If the goal is to improve the standard of living for most people then they have the resources.

Otherwise touting they have the strongest economy seems a bit frivolous.
 
Tecumsehsbones
+1
#17
Quote: Originally Posted by TrexView Post

And that is because the growth of the second and thirld world's middle class is a global phonomenon and not just applicable to China.
I assumed that when an article discusses the entire second and thirld world most people would be clever enough to understand China and India would be included.
Perhaps not.

Perhaps not, indeed. To assume the so-called second and third worlds are all of a piece ain't exactly logical.

On the other hand, we have petros talking about his buddy in China who's doing OK, as if that somehow has application to the other 1,299,999,999 people in China, so it seems that April 30 is Illogical Argument Day.

Sorry, I didn't get the memo.
 
Trex
#18
Quote: Originally Posted by TecumsehsbonesView Post

Perhaps not, indeed. To assume the so-called second and third worlds are all of a piece ain't exactly logical.

On the other hand, we have petros talking about his buddy in China who's doing OK, as if that somehow has application to the other 1,299,999,999 people in China, so it seems that April 30 is Illogical Argument Day.

Sorry, I didn't get the memo.

You must have missed this bit.
Here it is again for you.

Today, China has around 150 million people earning between US$10 and US$100 per day. As long as China continues to grow, and necessary economic reforms are made, we expect as many as 500 million Chinese could enter the global middle class over the next decade.

By 2030 around one billion people in China could be middle class — as much as 70% of its projected population.

Instead of arguing and splitting hairs why not go to google and check for yourself?

The middle class in China is growing fast.
Do you deny it?

Perhaps you could post any information you have showing China's middle class is shrinking?
Last edited by Trex; Apr 30th, 2014 at 10:31 AM..
 
petros
#19
Quote: Originally Posted by mentalflossView Post

I guess my main point is that quality of life won't improve in China simply under the spectre of capitalism.

If the goal is to improve the standard of living for most people then they have the resources.

Otherwise touting they have the strongest economy seems a bit frivolous.

Why do you think they have it so rough?

One day you bitch about powerplants the next you say they have it bad. When they have a complete electric grid, poverty in all demographics goes bye bye.

It's what happened in Canada 60 years ago.
 
Spade
Free Thinker
#20
Quote: Originally Posted by TecumsehsbonesView Post

Full credit, floss. How often have we heard right-wingers respond to criticism of the West with "Well, why don't you object to. . . (usually something about non-whites)."

You did.

You've just been patronised, Mentalfloss. But buck up, it won't last.
 
Tecumsehsbones
+1
#21
Quote: Originally Posted by TrexView Post

You must have missed this bit.
Here it is again for you.

Today, China has around 150 million people earning between US$10 and US$100 per day. As long as China continues to grow, and necessary economic reforms are made, we expect as many as 500 million Chinese could enter the global middle class over the next decade.

By 2030 around one billion people in China could be middle class — as much as 70% of its projected population.

OK, so. . . I point out that what you've cited doesn't prove your statement, so you cite something else and think it's relevant to my statement made before you came up with the second cite?

Illogical Argument Day is fun! I think I'm getting the hang of it.

Quote: Originally Posted by SpadeView Post

You've just been patronised, Mentalfloss. But buck up, it won't last.

No he hasn't, he's been given credit where due. If anyone's been patronised, it's the tighty-righties.
 
Trex
#22
Quote: Originally Posted by TecumsehsbonesView Post

OK, so. . . I point out that what you've cited doesn't prove your statement, so you cite something else and think it's relevant to my statement made before you came up with the second cite?

Illogical Argument Day is fun! I think I'm getting the hang of it.


No he hasn't, he's been given credit where due. If anyone's been patronised, it's the tighty-righties.

You seem to enjoy arguing simply for the sake of arguing itself.
Are you a lawyer perchance?

Hows the info on China's shrinking middle class coming along?
 
Tecumsehsbones
+1
#23
Quote: Originally Posted by TrexView Post

You seem to enjoy arguing simply for the sake of arguing itself.
Are you a lawyer perchance?

Opinions vary.

Quote:

Hows the info on China's shrinking middle class coming along?

Having never made a statement anywhere near that, I feel no need at all to demonstrate it.

But, false dichotomy. Another tick on the Fallacy Checklist.
 
mentalfloss
#24
Quote: Originally Posted by petrosView Post

Why do you think they have it so rough?

One day you bitch about powerplants the next you say they have it bad. When they have a complete electric grid, poverty in all demographics goes bye bye.

I think you are making some false assumptions here but then you also think everyone is doing great because your bro is living it up there.
 
petros
#25
Quote: Originally Posted by mentalflossView Post

I think you are making some false assumptions here but then you also think everyone is doing great because your bro is living it up there.

My bro?
 
EagleSmack
+1
#26
And EcoTards give China and India developing nation status. What a bunch of pu*****.

 
BaalsTears
+3
#27  Top Rated Post
There are many Chinas. The standard of living in Guangdong, Jiangsu and Zhejiang provinces is pretty high for working people. Same thing for cities like Shanghai and Beijing. Move far away from the coast and poverty is still at third world levels. Over the last thirty years the American manufacturing base has been outsourced to China, and provided work that lifted between 300 and five hundred million people out of poverty. Lots of newly wealthy Chinese are buying real estate in California, Manhattan, and BC. The biggest growth industry in the USA is govt.
 
no new posts