Chinese Economics Thread


Gatekeeper

Major
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The longer version:

Thanks.

Now more time to think about this. If the woman is typical of your average people in the west. It just showed how brain washed they've been by their own governments propaganda over the years. She is basically saying things that I've read and heard from politicians like Trump with regards to China. None of it is true as the finance minister correctly pointed out.

The scary part is the way she speak about China is the same as many people in the UK talks about China.
 

Appix

Junior Member
Registered Member
Wang Yuanhong, deputy director of the Economic Forecast Department of the China National Information Center, said in an interview with the media on the 13th that it is necessary to have a clear and objective understanding of China's current development stage and level of development. He emphasized that China is still the largest developing country in the world.

Wang Yuanhong pointed out that, first of all, China's economic strength has jumped to a new level, but the per capita level is still lower than the world average level, and it is significantly lower than the level of developed countries. On per capita level, the characteristics of China's developing countries have not fundamentally changed. For example, according to data from the World Bank, China's per capita GDP in 2016 was US$8,123, which was about 80% of the world average (US$10,190), only 1/7 of the US (US$57,638), ranking 68th in the world. At present, the per capita capital stock of China's infrastructure is only 20-30% of that of developed countries. In 2017, the Engel coefficient of Chinese residents' consumption was 29.3%, which is still much higher than the level of developed countries.

Second, China's economic structure has undergone major changes, but the industrial structure and employment structure still need to be optimized and upgraded. For example, compared with developed countries, China's primary industry still accounts for a relatively high proportion, and its manufacturing industry is large but not strong. As a whole, it is at the middle and low end of the global industrial chain, and the effective supply of middle and high-end products is insufficient. The service industry accounts for a low proportion, and the knowledge-intensive modern service industry accounts for a lower proportion. Such an industrial structure reflects that China's industrial competitiveness is still weak, its technological content is still low, and its innovation capabilities are still insufficient. It also reflects that China is still at a relatively disadvantaged position in the international division of labor.

Although China's innovation-driven development has achieved fruitful results, technological innovation as a whole is still on track. Weak corporate development capabilities, insufficient independent innovation capabilities, and lack of core technologies are still outstanding obstacles facing the development of Chinese companies. Due to the lack of independent innovation capabilities, although China is already a big manufacturing country, it is not yet a strong manufacturing country.

At the same time, Wang Yuanhong said that China is still in a stage where the problem of unbalanced development is more prominent, with large gaps between urban and rural areas, between regions, and between social classes, which are typical of developing countries.
 

Hendrik_2000

Brigadier
I don't know what are you trying to say that China is not developed yet? Well it is no secret we all know that But comparing to developed world based on nominal GDP is misleading They should use PPP then the number look difference. Since $10000 goes a long way in China compare to say in New York. And why should they compare it to the west It is not a competition since the west has a large lead . They should compare it to India because at 1950 they are start the same starting line. With India leading in some way since the they are spared of the devastation of WWII and when the british left they left behind a good infrastructure, treasury brim with surplus, good and functioning civil servant. Better use HDI as yardstick
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2.1- China’s HDI value and rank China’s HDI value for 2018 is 0.758— which put the country in the high human development category— positioning it at 85 out of 189 countries and territories. The rank is shared with Ecuador. 3 Between 1990 and 2018, China’s HDI value increased from 0.501 to 0.758, an increase of 51.1 percent. Table A reviews China’s progress in each of the HDI indicators. Between 1990 and 2018, China’s life expectancy at birth increased by 7.6 years, mean years of schooling increased by 3.1 years and expected years of schooling increased by 5.1 years. China’s GNI per capita increased by about 954.0 percent between 1990 and 2018.


1601771058869.png

Compare to Indonesia, Vietnam
1601771330414.png
 
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gelgoog

Senior Member
Registered Member
Yeah comparing GDP in dollars is nonsense. Especially given the Yuan is not convertible.

In any country which is large enough you will find economic disparities. The US also has huge disparities inside. Louisiana is one example.

China is still not at the advanced countries level in terms of living conditions but I think in a decade or two they will be close enough.
They just need to clean up their cities and the electric transportation network they are building from trains to subways to cars is one right step towards it. Xi's government also focused a lot on development of 2nd tier cities and below that so living standards should be a lot more uniform than a decade ago.

Two decades ago most cities in China didn't even have proper subways. Now they have over two dozen networks. The US hasn't built new subway networks since, what, the 1970s?

I wouldn't say India didn't suffer from WW2 however. Just read about the Bengal famine.
It was much less hit by it than China but they also suffered.
 
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Mr T

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Could help Xi's fight against corruption in China, as now corrupt CCP officials will find it harder to move to the US. Not sure about the trick of sending their families over - are children and spouses of officials normally CCP members themselves?
 

Appix

Junior Member
Registered Member
I don't know what are you trying to say that China is not developed yet? Well it is no secret we all know that But comparing to developed world based on nominal GDP is misleading They should use PPP then the number look difference. Since $10000 goes a long way in China compare to say in New York. And why should they compare it to the west It is not a competition since the west has a large lead . They should compare it to India because at 1950 they are start the same starting line. With India leading in some way since the they are spared of the devastation of WWII and when the british left they left behind a good infrastructure, treasury brim with surplus, good and functioning civil servant. Better use HDI as yardstick
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2.1- China’s HDI value and rank China’s HDI value for 2018 is 0.758— which put the country in the high human development category— positioning it at 85 out of 189 countries and territories. The rank is shared with Ecuador. 3 Between 1990 and 2018, China’s HDI value increased from 0.501 to 0.758, an increase of 51.1 percent. Table A reviews China’s progress in each of the HDI indicators. Between 1990 and 2018, China’s life expectancy at birth increased by 7.6 years, mean years of schooling increased by 3.1 years and expected years of schooling increased by 5.1 years. China’s GNI per capita increased by about 954.0 percent between 1990 and 2018.


View attachment 64213

Compare to Indonesia, Vietnam
View attachment 64214
I like to share a good constructive evaluation like this from Wang Yuanhong.
 

OppositeDay

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Could help Xi's fight against corruption in China, as now corrupt CCP officials will find it harder to move to the US. Not sure about the trick of sending their families over - are children and spouses of officials normally CCP members themselves?
US has never been a top destination. If Australia and Canada follow suit it could have some impact. if family members are also barred it’s a game changer.
 

siegecrossbow

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Hong Kong (CNN) — China is on the move again. As October 1 arrives, hundreds of millions of people are expected to pack highways, trains and planes for the National Day holiday, one of the busiest times for travel in the world's most populous country.
The eight-day Mid-Autumn Festival break is China's first major holiday since it emerged from the
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outbreak. While life has largely returned to normal in recent months, the upcoming "Golden Week" holiday will be an ambitious test of China's success in taming the virus -- and a much-awaited boost to its economic recovery.

Last year, a total of
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were made during the holiday, generating nearly 650 billion yuan ($95 billion) of tourism revenue, according to the Ministry of Culture and Tourism.

The ministry
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550 million domestic trips to be made this year, while Ctrip, China's largest online travel agency, estimates the number to be over
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-- both above 70% of last year's level.

The scale of mass movement in such a short period of time is unthinkable in many parts of the world, where governments are still struggling to control soaring infections. In the United States, the number of coronavirus cases topped 7 million over the weekend. Much of Europe is now in the grip of
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of infections; even countries largely spared by the first wave, such as Greece and Croatia, have seen cases surging as tourists took summer vacations following the reopening of Europe's internal borders in June.
But for now, the virus is much less of a concern for Chinese holidaymakers, given China's close to zero local transmission and some of the world's strictest border control measures.

Chen Qianmei, a 29-year-old from the southern city of Guangzhou, flew to Shanghai on Tuesday for her Mid-Autumn Festival vacation. She said she wasn't worried about the virus, although she still took precautions.

"I think China has (the virus) under pretty good control," she said. "I'm wearing masks and bringing alcohol wipes with me to clean my hands, especially before eating -- although in Shanghai, few people wear masks now."


Show of confidence

The coronavirus, first detected in the central Chinese city of Wuhan last December before spreading across the globe, has been largely contained in China since March. In the following months, small-scale outbreaks have occasionally flared -- from the country's northeast to the capital Beijing and the far western region of Xinjiang, but all were swiftly contained through stringent lockdown measures and mass testing programs.

China has not reported any locally transmitted symptomatic case since mid-August, and is rigorously screening overseas arrivals and workers at risk of exposure to the virus. Last week, it detected its first local asymptomatic infections in over a month, after two port workers unloading frozen imported seafood in Qingdao tested positive for the virus in routine screening.

The sense of control is in stark contrast to the anxiety and foreboding that had overshadowed China's last major travel period -- the Lunar New Year holiday in late January. Back then, the coronavirus outbreak was sweeping through Wuhan after local authorities initially silenced healthcare workers trying to sound the alarm. Two days before Lunar New Year's Day, the Chinese government ordered an unprecedented lockdown on the city, but by then, the virus had already spread to other provinces and beyond the country, as hundreds of millions of Chinese people headed home for family reunions or took vacations overseas.

More than eight months on, China's restrictions on domestic movement have all been lifted.
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, some cities still require passengers to produce a green
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on their smartphones at train stations and airports to show they're safe to travel, but implementation can be lax in practice.

In a sign of the government's confidence in keeping the virus under control, the Chinese Center for Disease Control and Prevention
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that domestic travels can be arranged "as normal" for the upcoming holiday, given all cities in mainland China are marked as low risk for the coronavirus.

But the center still recommended travelers obey local epidemic control measures, wear masks on trains, flights and in crowded places, and keep 1-meter (3.2 feet) distance at tourist spots -- the last of which could be difficult if not impossible to observe, given the size of crowds that often inundate popular sites during Chinese holidays.

Last week, China's Culture and Tourism Ministry ordered tourist sites to restrict capacity to 75% during the Mid-Autumn Festival, up from a limit of 50% from previous months. To facilitate contact tracing, visitors are required to register online in advance.

Wu Zunyou, chief epidemiologist at the Chinese CDC,
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state broadcaster CCTV earlier this month that there is no need to impose extra restrictions for domestic travel during the National Day holiday, because the coronavirus is no longer circulating in society.

"It is now impossible to contract the virus in social environments,"
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. "Although we are still finding dozens of imported cases among travelers arriving in China on international flights, the imported cases are managed in a closed loop and won't spread to society, and therefore won't have much impact on domestic residents."
 

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