Chinese Economics Thread

Quickie

Quickie

Colonel
FriedRiceNSpice said:
However if you do decide to use nominal GDP, then 21T is in fact 50% more than 14T, as 14T + 0.5*14T = 21T. Generally that is the most common interpretation of what is meant by saying x is 50% greater than Y.
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I think the common convention is when you say X is 50% greater than Y, it means that

(X-Y)/X = 50%

Maybe we should have a vote on this, lol.
 
manqiangrexue

manqiangrexue

Brigadier
Guys, what the hell are you doing?

Nominal GDP: USA 21T; China 14T

That's it; that's all that's important. This discussion on whether to say it is 50% or 33% larger is ridiculous and I can't believe this took up so many posts!
 
Jura The idiot

Jura The idiot

General
FriedRiceNSpice said:
However if you do decide to use nominal GDP, then 21T is in fact 50% more than 14T, as 14T + 0.5*14T = 21T. Generally that is the most common interpretation of what is meant by saying x is 50% greater than Y.
Click to expand...
OK I volunteer to give a math class for
Chinese Economics Thread
LOL!

first setting parameter values for those who are late to this LOL American economy = 21t; Chinese economy = 14t;

now, had the article
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said

"American economy amounts to 150% of Chinese economy."

it would've been a true statement,

but mathematically this statement doesn't imply

"American economomy is 50% larger than Chinese economy."

because 50% of American economy amounts to 10.5t, and Chinese economy amounts to 14t,

so these numbers don't add up to 21t;

mathematically this statement implies

"American economy is 33% (rounded) larger than Chinese economy."

because 33% (rounded) of American economy amounts to 7t (rounded), and Chinese economy amounts to 14t,

so these numbers add up to 21t;

LOL the statement would have to read

"American economy is larger than Chinese economy by 50% of Chinese economy."

to be mathematically correct,

and I add this is stuff which kids aged 12 are supposed to know (in the Czech Rep.)
 
manqiangrexue

manqiangrexue

Brigadier
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Huawei widened its smartphone lead on Apple amid reports of nationalistic buying in China
Published: Aug 27, 2019 2:26 p.m. ET

Gartner reports Huawei phone sales rose 15.8% in second quarter with big jump in China, while iPhone sales fell 13%.

Trump’s hard stance toward China on trade, and Huawei Technologies Co. specifically, didn’t help iPhone sales in the second quarter. While Huawei recorded a 16.5% jump in smartphone sales year-over-year, spurred by sales in its native China, Apple’s
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sales fell 13%, according to global sales figures released Tuesday by market researcher Gartner Inc.

Huawei, which initially was hurt by a U.S. ban of its products, saw smartphone sales improve slightly on the ban’s deferment. Where it made up for lost sales was in greater China. Unit shipments soared 31% in the country amid the reports of nationalistic buying. For the quarter, Huawei sold 58.1 million phones, good for 15.8% market share.

Gartner found that smartphone sales increased in China, one of only two of the top five smartphone markets to grow in the quarter. Overall, China sales grew 0.5% to 101 million phones, making it the largest smartphone market, while Brazil was the only other major market to grow sales, by 1.1%.

Apple reported overall China sales of $9.16 billion, down from $9.55 billion a year before. Apple no longer reports iPhone unit sales, but overall iPhone revenue fell to $26 billion from $29.9 billion the year before.

From
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:
864bb47b-2be9-4e22-83b5-0d3b07971884.png
 
Jura The idiot

Jura The idiot

General
now I read
US moves quickly to implement Donald Trump’s trade war tariff increase on Chinese-made consumer goods
  • US Federal Register notice confirms tariff rise from 10 to 15 per cent on US$300 billion of goods from Sunday
  • Move in response to China’s decision to impose retaliatory tariffs of between 5 and 10 per cent on US$75 billion worth of American products
Updated: 2:33pm, 28 Aug, 2019
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Tariff increases from 10 to 15 per cent on US$300 billion of Chinese imports, many of them consumer goods, to the United States moved a step closer on Tuesday as the US government scheduled an official filing confirming the move announced by US President Donald Trump last week.

The notice to increase tariffs – which will appear on Friday, August 30 in the US Federal Register, an official journal that hosts changes to federal government agency rules and public notices – followed up swiftly on Trump’s decree last Friday that tariffs already scheduled for implementation on September 1 and December 15 respectively would see their rate increase by 5 per cent.

This move was in response to China’s decision earlier on Friday to impose retaliatory tariffs of between 5 and 10 per cent on US$75 billion worth of American products, including soybeans, pork, and, for the first time, crude oil. China also reinstated the 25 per cent penalty duty on imports of US-made cars and car parts, bringing the total tariff on the sector to 40 per cent.

“In accordance with the specific direction of the president, the US Trade Representative has determined to modify the action being taken in this Section 301 investigation by increasing the rate of additional duty from 10 to 15 per cent for the products of China covered by the US$300 billion tariff action published on August 20, 2019,” read a draft note hosted on the US Federal Register.

Tariff increases from 10 to 15 per cent on US$300 billion of Chinese imports, many of them consumer goods, to the United States moved a step closer on Tuesday as the US government scheduled an official filing confirming the move announced by US President Donald Trump last week.

The notice to increase tariffs – which will appear on Friday, August 30 in the US Federal Register, an official journal that hosts changes to federal government agency rules and public notices – followed up swiftly on Trump’s decree last Friday that tariffs already scheduled for implementation on September 1 and December 15 respectively would see their rate increase by 5 per cent.

This move was in response to China’s decision earlier on Friday to impose retaliatory tariffs of between 5 and 10 per cent on US$75 billion worth of American products, including soybeans, pork, and, for the first time, crude oil. China also reinstated the 25 per cent penalty duty on imports of US-made cars and car parts, bringing the total tariff on the sector to 40 per cent.

“In accordance with the specific direction of the president, the US Trade Representative has determined to modify the action being taken in this Section 301 investigation by increasing the rate of additional duty from 10 to 15 per cent for the products of China covered by the US$300 billion tariff action published on August 20, 2019,” read a draft note hosted on the US Federal Register.

Given that September 1, when the next round of tariff increases are due to take effect, is a Sunday, and Monday, September 2, is the Labour Day public holiday in the US, the US Trade Representative (USTR) notice needed to be made before the weekend.

USTR had published a notice on its own website on Friday saying that “to achieve the objectives of the China Section 301 investigation, president Trump has instructed the USTR to increase by 5 per cent the tariffs on around US$550 billion worth of Chinese imports.”

This alluded to Trump’s announcement, also last Friday, to increase the tariff level on earlier rafts of Chinese goods worth US$250 billion from 25 per cent to 30 per cent. However there is no
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in the USTR filing on Tuesday.

The two tranches of tariffs covered by the September and December increases include consumer goods not previously subject to tariffs, but Trump opted to hold back on the increase of levies on some products, such as smartphones, toys and laptops, to protect retail sales over the Christmas period.

Nonetheless, Trump’s escalation of US tariffs on Chinese goods has been roundly criticised by retail and consumer groups in America.

“It's impossible for businesses to plan for the future in this type of environment. The administration's approach clearly isn't working, and the answer isn't more taxes on American businesses and consumers. Where does this end?”, said David French, senior vice-president of the National Retail Foundation.

Meanwhile, Brian Dodge, the chief operating officer of the Retail Industry Leaders Association, said: “Mr President, we implore you to end this trade war before the damage is irreversible.”

Currently, the prospects of a deal to end the trade war appear bleak, despite Trump saying on Monday that he was confident that China was sincere about wanting a trade deal because it had taken “a very large hit” in recent months.

Trump alluded to high-level negotiating calls having taken place between both sides, but Chinese foreign ministry spokesman Geng Shuang said on Tuesday that he “had not heard about” any such calls.

“China and the US should resolve their trade disputes through dialogue. We have had 12 rounds of high-level consultations, and working teams from the two sides are keeping in touch,” Geng said. “Regretfully the US has announced its decision to add new tariffs on Chinese products. Such maximum pressure will hurt both sides and is not constructive at all.”

Despite both sides appearing to be poles apart on negotiations, the CEO of US aircraft manufacturer Boeing said in an interview with Reuters on Tuesday that he expects a deal to be reached, and that he thinks the company’s aircraft will be part of it.

“It's been challenging,” said Dennis Muilenburg. “But I think ultimately they will find a solution because of the mutual interest, and we think our aeroplane business will be part of that ultimate solution.”
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Jura The idiot

Jura The idiot

General
pretty desperate
Xinhua Headlines: Adding tariffs on Chinese imports poses potential risk to U.S. babies' safety
Xinhua| 2019-08-28 17:44:11
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With the price of children's products from China driven up by the additional tariffs, many new parents in the United States, especially those with relatively lower incomes, cannot even afford a new crib with acceptable quality, exposing their babies to potential dangers.

The U.S. government is taking the joy of raising a new baby out of ordinary U.S. families by slapping multiple rounds of steep tariffs on Chinese imports.

With the price of children's products from China driven up by the additional tariffs, many new parents in the United States, especially those with relatively lower incomes, cannot even afford a new crib with acceptable quality, exposing their babies to potential dangers.

Price hikes of children's products due to tariffs are "likely to lead to an increase in infant and child deaths and injuries," warned Joseph Shamie, an industry insider with decades of experience in the juvenile furniture sector.

TARIFFS COULD KILL

Shamie serves as the president of Delta Children, a leading juvenile product company founded in New York's borough of Brooklyn by his parents in 1968.

Like most of its peers, the company manufactures most of its products outside the United States. "Approximately 80 percent of our product line is coming out of China," Shamie told Xinhua at the company's headquarters in downtown Manhattan during a recent interview.

The company now sells over 50 percent of cribs and children's beds, among other products, in the U.S. market, primarily to working-class families.

As many of the children's furniture are now subject to a tariff of 25 percent, a U.S. customer now "has to pay more money for a bassinet, a crib, a car seat, and soon a stroller or other products that are necessary to keep their children safe," said Shamie.

Instead of buying a new crib, some parents may choose to get a "hand-me-down" one, which "doesn't meet the current standards" and "could have a broken side or broken part," noted Shamie.

"How could a crib maintain good quality if it's often taken in and out of the storage room? Its components may have been deteriorated with age or while in storage," he said.

Simply a loose screw could cause the fall and death of an over-excited toddler who keeps shaking the sides of the crib while the parents are sleeping in another room, said Shamie, standing in front of a wooden crib in Delta's showroom.

Even worse, some parents would choose to sleep at the same bed with their baby in a bid to spare the expense of a crib, a practice that "has led to numerous deaths."

According to the American Academy of Pediatrics, bed-sharing with new babies could put them at risk of accidental suffocation, accidental strangulation and other sleep-related deaths. About 3,700 babies in the United States die each year from sleep-related causes.

To keep providing high-quality products with a relatively low price for U.S. families, Delta has "eaten a good portion of the tariffs" itself as it happens to be a financially-strong company, said Shamie, but "not everybody can bite the bullet."

Those who cannot, he said, may choose to make cheaper products, such as taking something out of the product, so as to keep a low cost, which could eventually hurt the babies.

That costs something of the parents that could not be measured by money, the businessman said.

MOVING OUT OF CHINA SIMPLY UNREALISTIC

Shamie's father was among the first Americans who went to China to do business in the early 1970s.

Apart from production lines in cities like Qingdao, Shanghai and Shenzhen, Delta has also established several test facilities around China with over 100 well-trained employees for testing out the products and making sure they are safe for any child to sleep, said the second-generation entrepreneur.

"Not every company does that, and not every country is capable of doing that, (but) China is capable," he said.

Last week, U.S. President Donald Trump tweeted about his intention to force all U.S. companies to leave China. However, at least for Delta, it seems to be the worst possible option.

"We have a long history with China," said Shamie. "We took decades to build our relationship, which I had to build out infrastructure of not only the ability to produce, but the ability to test. These things don't happen overnight."

Besides, as Shamie stated in late June at the section 301 tariffs hearing held by the U.S. Trade Representatives, no one in the United States wants to manufacture a crib, which involves wood, steel, plastic, painting and many other things, but could sell for as low as 50 bucks. This industry is very "cost prohibitive," he said.

Worse still, the uncertainty brought about by the trade war further complicates businesses' plans and hinders them from making investment decisions.

"Is the tariff coming in? Is the tariff not coming in? One day it's on; one day it's off; one day it's maybe," Shamie complained. "How does a businessman go and invest millions of dollars in another country when he doesn't know what is the right thing to do? ... How does a businessman price goods when he doesn't know what the cost is going to be?"

"There's so much uncertainty going on in the marketplace. And that is the worst thing you can do for business," he stressed.

STOP HARMING YOUNG FAMILIES

Delta Children is not the only juvenile product company that has voiced its opposition to the tariffs already imposed or to be imposed on Chinese goods.

During the latest section 301 tariffs hearing held in June in Washington, D.C., at least five brands from across the country pleaded with the government to solve its trade war with China in a way that does not penalize small families.

"Raising children is a complex and costly endeavor. Reducing the costs and increasing the affordability of safe baby products must remain a priority for everyone," said Bradley Mattarocci, vice president of Baby Trend, a California-based manufacturer of car seats, play yards and strollers, on the first day of the hearing.

"50 percent of our consumers have household incomes less than 50,000 U.S. dollars a year, and about 20 percent have household incomes less than 25,000 a year," said Russ Torres with the North Carolina-based Graco Children's Products, a big name in juvenile gear, at the same panel.

"We are deeply concerned that imposing the tariffs will add stress to many families as they agonize over choices to balance tight budget while ensuring the safety of their children," Torres added.

In Shamie's opinion, every one falls victim to a trade war, and new parents with limited incomes are among the hardest hit.

"People that are hurting the most are the average family," he told Xinhua. "Having a new child means an added expense in general, and now that expense is even higher than that it was before. How fair is that to them?"
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kind of resembles
‘Bible tax’ debate shows Chinese goods’ significance
Source:Global Times Published: 2019/6/20 20:38:41
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