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In 1980, China's GDP per capita ($300) is 2.5% of America's, which means 40 Chinese were as productive as one America.
From 2.5% to 25% in 40 years, a new massive middle class created. Many families have cars, from struggling to buy a bicycle. Quality of life dramatically improved. Life expectancy 5 years longer, roads, higways, subways, high speed trains built, many areas becoming world leaders. In the 1980s, a typical Chinese family would be lucky to have meat on the table every day, today, they are traveling to the US, Canada, Europe, South America, Africa with their expensive camaras.
I think the Chinese should be proud. What have the US achieved during the 40 years? Are middle class enjoying a better life?
China will never have the same quality of life Americans enjoy, if you look at their population, habitable land, resources etc. I think China will stablize when it reaches what Taiwan currently has now in terms of per capita wealth.
Taiwan isn't doing bad though. GDP per capita is almost $40,000. Higher than most of Europe. If China can reach that level then that isn't too shabby at all.
Boy, 3 or 4 excellent posts in a row that really veered somewhat from the thread topic but interesting nonetheless. As far as spending habits, my father was frugal and taught me to be frugal and I have tried to teach the same to my kids. So a generalization about Americans spending doesn't really apply much to me and I know plenty like myself that aren't always trying to buy the latest marketed thing (however, I do like tech stuff).
I worked in China (Shanghai & Beijing), Seoul, Mongolia, and spent time in Philippines & Thailand so I think I have some knowledge about Asian spending habits. Whether in Seoul, Shanghai, Mongolia, Manila, Bangkok, the newest phones and tech are bought and other status items are even more obviously displayed compared to what you see in the USA imho. I knew ladies that made 10% or less of my salary that would automatically buy the latest Iphone or Galaxy and also spend a huge amount on personal appearance items like makeup and clothes.
On education and its role in economy, Asians as noted rely on rote memory and you also see that they don't venture well outside their "lane" if they need to improvise from the planned way of doing something. But the work product of what is their standard assignment is almost universally impressive. Americans don't test as well but always seem to be creating the tech breakthroughs but I'm not exactly sure why other than independence of thought is encouraged in the USA and not so much in China or Asia from what I observed. Whether or not this continues for the next generation is anyone's guess. I encouraged my kids to learn Mandarin but unfortunately, they did not have enough interest to do so. I am concerned about their future with the increasing competition from China and Korea and how that will affect them working in the new world economy. It's going to be interesting to observe.
This isn't exactly true. It depends on which ethnic group you are evaluating. IIRC, White Americans outscore most Europeans while Asian Americans outscore most Asians. Black Americans and Hispanic Americans on the other hand score at third world levels. Since Blacks and Hispanics comprise close to 30-35% of the population (more for younger generations), the average American scores are obviously going to be lower. Of course, this shows you how horrific the education inequality in the US really is and the US should really focus on narrowing the gap or eliminating it.
Here is an old article mentioning the racial gaps which leads to the lower American average:
China is already at 9.25 billion dollars (2013 CIA). China was at 2.235 billion in 2005.
My estimation is that China will surpass 15 billion dollars in 2020 or earlier.
China would have to keep its high growth rates for a very long period of time, which is very rare...
I don't know a country where its "economic boom" lasts for very long periods of time.
China would have to keep its high growth rates for a very long period of time, which is very rare...
I don't know a country where its "economic boom" lasts for very long periods of time.
If China gdp per capita (ppp) grows to 15K, then the nominal gdp is likely to reach 15T as well.
I don't see any reason why China can't get richer. In fact I see it as unavoidable. Cities like Tianjin, Beijing, Shanghai, Suzhou, Shenzen, Guangzhou already have a gdp per capita of 20-30K and they are still growing. When people are moving from less productive areas of china to more productive areas the country will grow.
If China gdp per capita (ppp) grows to 15K, then the nominal gdp is likely to reach 15T as well.
I don't see any reason why China can't get richer. In fact I see it as unavoidable. Cities like Tianjin, Beijing, Shanghai, Suzhou, Shenzen, Guangzhou already have a gdp per capita of 20-30K and they are still growing. When people are moving from less productive areas of china to more productive areas the country will grow.
Of course China will keep getting richer, just don't see it reaching the levels of the United States
Cost of living in countries like China is way way lower then living in USA. A person can live comfortably in China, India for 1000 dollars per month but will have a massive struggle to raise a family in USA for the same amount of money. Millions of Americans have little savings and investment. Just because one can take a loan to buy a car or go to an expensive College doesnt mean that one is doing good in his/her life. How many people in USA can survive on the money they earn without being dependent on Welfare or Loan???
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