China 2015 GDP released: 67.67 trillion RMB, grows 6.9%

[vietnamera]

That is 10.86 trillion USD with a GDP per capital 7923 USD.

 

[vietnamera]

China only adds half a trillion USD to GDP because of RMB depreciation.

 

[beijingwalker]

China’s currency hasn’t actually depreciated.
Ask Chinese tourists.

They won’t be hard to find. Over the past 12 months more than one million have visited Australia, up 22 per cent from a year earlier.

Or put the same question to Chinese students. The number enrolled at Australian schools and universities jumped 13 per cent last year.

According to data from the Reserve Bank of Australia, since the end of 2014 China’s currency has appreciated nearly 9 per cent against the Australian dollar.

Don’t think that this is just a quirky local currency story.

China’s biggest export customer is the EU. Over the same period the renminbi has appreciated 4 per cent against the euro, and 8 per cent against the Japanese yen.

Far from Beijing stealthily trying to rescue its domestic economy through a beggar-thy-neighbour export push, it’s trade-exposed industries in Australia, Europe and Japan that have felt a boost.

There’s really only one major currency that the renminbi has weakened against and that’s the US dollar.

Why China fears are overblown | Business Spectator

 

[AViet]

China only adds half a trillion USD to GDP because of RMB depreciation.

I think your calculation has flaws. IMF (or other big financial institutions) have different method. According to IMF, China GDP added 1 trillions in 2015, reaching 11.4 trillions.

 

[jhungary]

I think your calculation has flaws. IMF (or other big financial institutions) have different method. According to IMF, China GDP added 1 trillions in 2015, reaching 11.4 trillions.

That's the IMF figure

China's economy to grow 6.8% in 2015: IMF

http://www.imf.org/external/pubs/ft/reo/2015/mcd/eng/pdf/cca1015p.pdf

 

[Jlaw]

That's the IMF figure

China's economy to grow 6.8% in 2015: IMF

http://www.imf.org/external/pubs/ft/reo/2015/mcd/eng/pdf/cca1015p.pdf

The report is dated October 2015 for Jan to Sept, Q4 is not included.

 

[ChineseTiger1986]

China only adds half a trillion USD to GDP because of RMB depreciation.

A half trillion dollar should be equivalent to how many Vietnams?

 

[vietnamera]

USA 2015 current dollar GDP increased 3.4 percent, or $589.8 billion, in 2015 to a level of $17,937.8 billion, compared with an increase of 4.1 percent, or $684.9 billion, in 2014.

China 2015 GDP is $10866.9 billion increased $514.85 billion, which means China lags behind USA by GDP increase.

$514.85 < $589.8

 

[windywine]

Well, devaluation of currency makes a country's GDP look bad, but it really can boost the export-orientated manufacturing sector. Japan has been devaluing Yen from 70-80 to the current 120 to help its economy recover. US government also has criticized the devaluation of RenMinBi.
Devaluation of RenMinBi certainly will boost china's export, but it is too early to say the effect on GDP number of 2015 because it happened the last couple of months of 2015. I believe it can show more effect on 2016.

BTW, for some reasons, China insists using SNA1993 for its GDP statistic while US has been using SNA 2008 for years. If China really wants to make GDP look fantastic, china can just switch to SNA 2008.

 

[Jlaw]

Well, devaluation of currency makes a country's GDP look bad, but it really can boost the export-orientated manufacturing sector. Japan has been devaluing Yen from 70-80 to the current 120 to help its economy recover. US government also has criticized the devaluation of RenMinBi.
Devaluation of RenMinBi certainly will boost china's export, but it is too early to say the effect on GDP number of 2015 because it happened the last couple of months of 2015. I believe it can show more effect on 2016.

BTW, for some reasons, China insists using SNA1993 for its GDP statistic while US has been using SNA 2008 for years. If China really wants to make GDP look fantastic, china can just switch to SNA 2008.

Yuan has appreciated against USD for past 10 years.

 

[windywine]

Yuan has appreciated against USD for past 10 years.

View attachment 291271

You should see the more extended period. Before 1985, the currency for Yuan was 2: 1 over US dollars.

Yuan has appreciated against USD for past 10 years.

View attachment 291271

Yuan was devalued by China government on purpose from 2:1 against US dollars on 1980s to 8.4: 1 on 1990s to boost export. Since then, China became a world factory.

Yuan has appreciated against USD for past 10 years.

View attachment 291271

China had been facing tremendous pressure from US because of the devalued Yuan and government controlled currency. Even now, US still criticized China on that. US wanna push Yuan's value to rise to around 4: 1 that US think should be the real value of Yuan.

 

[retaxis]

USA 2015 current dollar GDP increased 3.4 percent, or $589.8 billion, in 2015 to a level of $17,937.8 billion, compared with an increase of 4.1 percent, or $684.9 billion, in 2014.

China 2015 GDP is $10866.9 billion increased $514.85 billion, which means China lags behind USA by GDP increase.

$514.85 < $589.8

How is that relative? chinas economy is far smaller then Americas. It's like saying Vietnam economy grew by $20 billion for example then saying omg China grew like 30times the speed of vietnams economy!!!!

 

[Jlaw]

You should see the more extended period. Before 1985, the currency for Yuan was 2: 1 over US dollars.


Yuan was devalued by China government on purpose from 2:1 against US dollars on 1980s to 8.4: 1 on 1990s to boost export. Since then, China became a world factory.


China had been facing tremendous pressure from US because of the devalued Yuan and government controlled currency. Even now, US still criticized China on that. US wanna push Yuan's value to rise to around 4: 1 that US think should be the real value of Yuan.

That used to be the propaganda against China in 2012. American politicians at the time wanted China to revaluate its currency to be 40% higher. Now since China's currency dropped 5% in five months, the new propaganda in US media is that China is collapsing, lying about its GDP figure (which is the dumbest thing in 2016 because it can easily be debunked), etc.
That was what I was trying to get across. China bashing changes on a periodic basis.

 

[windywine]

That used to be the propaganda against China in 2012. American politicians at the time wanted China to revaluate its currency to be 40% higher. Now since China's currency dropped 5% in five months, the new propaganda in US media is that China is collapsing, lying about its GDP figure (which is the dumbest thing in 2016 because it can easily be debunked), etc.
That was what I was trying to get across. China bashing changes on a periodic basis.

Agree. If a country's GDP growth is just based on currency not on its inherent growth, the base will be vary fragile. The lesson of Japan has taught us a lot.
China has made a smart move by hooking Yuan to a basket of currencies instead of just US dollar.