Is China a third world country ?

[AnnaG]

China has trillions. It also has a massive debt. In that respect it is comparable to the States.Some of China's citizens are hardly what could be called destitute:

Report: China has world's fifth largest number of high net worth households - People's Daily Online

Assets of High-Net-Worth Individuals Reach $37.2 Trillion

List of people by net worth of the People's Republic of China - Wikipedia, the free encyclopedia

GDP? It was higher than most countries by far in 2008:

Google - public data

 

[Avro]

What determines a nations wealth.

 

[AnnaG]

Here's Wiki's take on what 3rd World is:

Third World - Wikipedia, the free encyclopedia

And corroboration:

First, Second, and Third World

More:

Third World definition

Third World - definition of Third World by the Free Online Dictionary, Thesaurus and Encyclopedia.

As far as whether a nation is developing or devloped goes, the USA is still developing.

 

[Avro]

Err, I kinda already posted this.

 

[petros]

Is a mansion or bank taking up two acres more valueable than two acres of healthy productive farmland?

Some of you have really really ****ty sense of the value of things.

 

[AnnaG]

Err, I kinda already posted this.

Sorry. I didn't know there was a limit.

 

[AnnaG]

Is a mansion or bank taking up two acres more valueable than two acres of healthy productive farmland?

Some of you have really really ****ty sense of the value of things.

Nope. But to a lot of people, "kaaaaa-ching" is the bottom line.

 

[Avro]

Sorry. I didn't know there was a limit.

For you...never.

 

[petros]

Nope. But to a lot of people, "kaaaaa-ching" is the bottom line.

After three weeks with no eats they'll give their all gold and first born for a potato in a heartbeat.

 

[ironsides]

The one who has to borrow is poorer? Now you are kidding. How do you think rich people become rich? They borrow and use other peoples’ money to make money.

Poor people generally do not borrow money, they just don’t have the collateral. Banks won’t lend to poor people, they are always eager to lend to rich people.

Indeed, look at banks. Poor, middle class people may have bank accounts, or perhaps GICs. That makes them lenders, they are lending money to the bank (for which they get a modest amount of interest).

Rich people borrow on the margin and invest the money in stock market. That is how they make the money. So rich people are the borrowers.

You cannot determine who is rich and who is poor by who is borrowing and who is lending.

Donald Trump got rich by putting off paying contractors for as long as possible, he was put into collections more times than a train conductor.

 

[china]

China is a third world country only in the minds of the hopelessly politically correct.

Being very observant-I must say that would be aprox.90% of the Canadian population .

 

[china]

Canaduh

How is this any different from the US, the EU or India. They all have first, second and third world regions.

How is it different ? In China no matter what region ,they all have smile on their faces .;-)

 

[Canaduh]

Donald Trump got rich by putting off paying contractors for as long as possible, he was put into collections more times than a train conductor.

He got extremely lucky on so many occasions its not funny. Singling out one person as an economic model for debt juggling is misleading.

 

[petros]

Canaduh
How is it different ? In China no matter what region ,they all have smile on their faces .;-)

People in the Congo are the happiest in the world yet some of the poorest....

 

[china]

petros

People in the Congo are the happiest in the world yet some of the poorest

....

......and that's the direction that I"m aiming at .

 

[SirJosephPorter]

Donald Trump got rich by putting off paying contractors for as long as possible, he was put into collections more times than a train conductor.

So, do you think Donald Trump made his money by borrowing or by lending? Of course by borrowing (otherwise how could he be put into collection?). Generally it is the rich who borrow, it is the poor who lend. That is one of the reasons why rich get richer and poor get poorer.

The poor man gets 1/4th % interest rate on the money he deposits with bank (lends to the bank). The rich man can make millions in options or in futures, with borrowed money.

 

[petros]

petros

....

......and that's the direction that I"m aiming at .

I know. Others are having troubles with the big picture so every little spurring along helps.

 

[SirJosephPorter]

People in the Congo are the happiest in the world yet some of the poorest....

That may be, but happiness cannot be quantified, wealth can be. According to statistics, China’s per capita income ranks 97th in the world, India’s 126th. Both are very much third world countries. In spite of the thriving, increasing middle class, both counties must still be regarded as poor.

China and India have economic clout by the sheer volume. There are so many people that overall they have big influence. But look at it per capita, and these are very much poor countries.

 

[petros]

That may be, but happiness cannot be quantified, wealth can be. According to statistics, China’s per capita income ranks 97th in the world, India’s 126th. Both are very much third world countries. In spite of the thriving, increasing middle class, both counties must still be regarded as poor.

China and India have economic clout by the sheer volume. There are so many people that overall they have big influence. But look at it per capita, and these are very much poor countries.

Only a fool would classify himself or others.

 

[SirJosephPorter]

Only a fool would classify himself or others.

Sorry Petros, but you cannot argue with numbers, with statistics. Statistics have this annoying habit of getting in the way of preconceived opinions, preconceived notions.