Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have.
More people in China have a higher quality of life than in the US.
Amazing.
No, the article specifically said that the average Chinese person is able to buy more things for themselves than the average American.
The difference is that they pay less for it.
It doesn't take into account population differences; It is just comparing the national proportion of global purchasing power when taking into account COL differences. The US and China have similar portions (16.28% vs 16.48%) but very dissimilar populations. China still is behind on raw purchasing power.
"We've just gone past that cross-over on the chart below, according to the IMF. By the end of 2014, China will make up 16.48% of the world's purchasing-power adjusted GDP (or $17.632 trillion), and the US will make up just 16.28% (or $17.416 trillion):"
It doesn't take into account population differences; It is just comparing the national proportion of global purchasing power when taking into account COL differences. The US and China have similar portions (16.28% vs 16.48%) but very dissimilar populations. China still is behind on raw purchasing power.
"We've just gone past that cross-over on the chart below, according to the IMF. By the end of 2014, China will make up 16.48% of the world's purchasing-power adjusted GDP (or $17.632 trillion), and the US will make up just 16.28% (or $17.416 trillion):"
So are you saying we should just ignore this ?
Just like we ignore the declining scores of the US on PISA tests ?
We'll keep telling ourselves that we are #1, we are the best and everyone else is lying ?
Don't forget that our GDP takes the value of those paintings hanging in the WH now.
The USG doing "mark to magic" inflated our GDP by over 3% with intangibles.
The future for China could be grim. They are in a population conundrum where they are not replacing an aging workforce, yet to do so would put a huge burden on their economy from just too many mouths to feed. The costs of producing goods in China is rising facing competition from emerging economies. They are dependent on foreign energy sources. Politically, they are a powder keg still trying to suppress free speech, thought, and other human rights in a world where social media is pulling the other way.
Last edited by Ponderosa; 10-08-2014 at 08:59 AM..
So are you saying we should just ignore this ?
Just like we ignore the declining scores of the US on PISA tests ?
We'll keep telling ourselves that we are #1, we are the best and everyone else is lying ?
Don't forget that our GDP takes the value of those paintings hanging in the WH now.
The USG doing "mark to magic" inflated our GDP by over 3% with intangibles.
No, I'm saying we should not be looking to China for direction or guidance. Their numbers are often skewed or bogus anyway-not that some of ours are not too but still...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
