China Becomes Top 5 U.S. Patent Recipient for First Time | Bloomberg

[Martian2]

For 2017, China moved past Taiwan and became the fifth-largest recipient of USPTO (United States Patent and Trademark Office) patents.
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China Becomes One of the Top 5 U.S. Patent Recipients for the First Time | Bloomberg (January 9, 2018)

 

[MultaniGuy]

And then there are idiots who are saying China won't eclipse the USA anytime soon.

 

[Enigma_]

And then there are idiots who are saying China won't eclipse the USA anytime soon.

Only Indians because they love the US genitalia.

 

[LeGenD]

And then there are idiots who are saying China won't eclipse the USA anytime soon.

The word eclipse is stretching it. China has done well so far but it has to contend with several challenges heading its way in the foreseeable future.

Anyhow, nobody knows what will happen in the future. One thing is certain that this world be drastically different by 2100 for better or worse. God knows best.

 

[MultaniGuy]

The word eclipse is stretching it. China has done well so far but it has to contend with several challenges heading its way in the foreseeable future.

Anyhow, nobody knows what will happen in the future. One thing is certain that this world be drastically different by 2100 for better or worse. God knows best.

You mean as soon as 2020. Its just 2018. lol.

By 2020 the world will be a very different place.

 

[F-22Raptor]

And then there are idiots who are saying China won't eclipse the USA anytime soon.

Eclipsing the US in what again? What level of overmatch has China attained over the US?

 

[MultaniGuy]

Eclipsing the US in what again? What level of overmatch has China attained over the US?

In many ways China will eclipse USA.

Economically, manufacturing, in services, etc.

Stop bluffing yourself.

 

[F-22Raptor]

In many ways China will eclipse USA.

Economically, manufacturing, in services, etc.

Stop bluffing yourself.

Economically, China is only keeping pace with the US. The US has actually outpaced China in wealth gained over the last 5 years. Their not growing at the clip needed to surpass the US economy anytime soon. Meanwhile China is on pace to lose 75 million workers from now to 2030.

 

[MultaniGuy]

Economically, China is only keeping pace with the US. The US has actually outpaced China in wealth gained over the last 5 years. Their not growing at the clip needed to surpass the US economy anytime soon. Meanwhile China is on pace to lose 75 million workers from now to 2030.

Oh really? China has 1.4 billion people. USA only has 330 million people.

China can out do USA in many things.

 

[LeGenD]

In many ways China will eclipse USA.

Economically, manufacturing, in services, etc.

Stop bluffing yourself.

Not so fast.

Manufacturing is no longer a booming sector in China. In-fact, Chinese economy has become over-reliant on manufacturing aspect and this is a problem. Chinese GDP growth has slowed down significantly in recent years. China has no option but to diversify its economic system; OBOR is a step in the right direction but growth in services sector is really important which will not be easy. There are a number of other complications highlighted in the links below:

https://www.weforum.org/agenda/2016/11/three-risks-to-the-chinese-economy
https://www.thebalance.com/china-s-economic-growth-cause-pros-cons-future-3305478

Furthermore, there is still lot of poverty in China and "aging crises" will rear its head at some point. Global warming and pollution represent additional set of problems. Each year, a part of Chinese land is converting into desert. Moreover, as people get rich, they desire greater freedoms and this will be a concern in China as well because it is not a democracy.

Point is that projections aren't as rosy as some tend to assume.

 

[Martian2]

Eclipsing the US in what again? What level of overmatch has China attained over the US?

China consumed 34% more total energy than the United States for last year.
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BP just released its latest "Statistical Review of World Energy 2017."

On page 8 of the BP report, China is shown to have consumed 34% more total energy than the United States for the year 2016.

China is the world's largest energy consumer at 3,053 MTOE (Million Tonnes Oil Equivalent).

The United States is in second place with consumption at 2,273 MTOE.

IF the technological level is nearly equivalent then ENERGY CONSUMPTION should be the metric to determine who has the larger economy.

Interestingly, the US currently has a higher nominal GDP than China (but not in PPP). How do we explain this apparent contradiction? China buys more cars and computers than the US every year. There does not appear to be any technological gap between the average Chinese and US citizen.

There is a flaw in nominal GDP. Nominal GDP is based on the JUDGMENT of traders. Since China's currency is not fully convertible, there is less demand for China's Yuan. For example, you cannot buy land in China. It is owned by the government. Also, the US has a very strict legal system in place. If you have money in the US, you have confidence that hiring the best lawyers in the country will help you to avoid jail for crimes like embezzlement, insider trading, and other white-collar crimes. In China, wealth offers no protection against government prosecution.

Rich people prefer the United States over China. The US offers generous legal tax loopholes and offshore tax havens. There are also periodic amnesty programs proffered by the US government to tax cheats. In contrast, tax cheaters in China go straight to jail.

In conclusion, higher demand for US currency over the Chinese Yuan causes a distortion that leads to a higher nominal currency value for the US Dollar compared to the Chinese Yuan. However, in terms of real-world economics, I think China's economy is clearly larger than the US.
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BP Statistical Review of World Energy June 2017

 

[F-22Raptor]

Oh really? China has 1.4 billion people. USA only has 330 million people.

China can out do USA in many things.

Yes really, and China will lose a further 130 million workers by 2050. Those statistics are cited straight from the Chinese government.

In addition, the country’s labour force – people aged 16 to 59 – shrank for the fifth year in a row last year to 907.47 million, down from 910.96 million a year earlier. That pool is expected to shrink to 700 million by 2050, a “sharp decline” from the estimated 830 million in 2030, according to the Ministry of Human Resources and Social Security.

http://www.scmp.com/news/china/poli...t-relax-birth-controls-defuse-population-time

 

[MultaniGuy]

Not so fast.

Manufacturing is no longer a booming sector in China. In-fact, Chinese economy has become over-reliant on manufacturing aspect and this is a problem. Chinese GDP growth has slowed down significantly in recent years. China has no option but to diversify its economic system; OBOR is a step in the right direction but growth in services sector is really important which will not be easy. There are a number of other complications highlighted in the links below:

https://www.weforum.org/agenda/2016/11/three-risks-to-the-chinese-economy
https://www.thebalance.com/china-s-economic-growth-cause-pros-cons-future-3305478

Furthermore, there is still lot of poverty in China and "aging crises" will rear its head at some point. Global warming and pollution represent additional set of problems. Each year, a part of Chinese land is converting into desert. Moreover, as people get rich, they desire greater freedoms and this will be a concern in China as well because it is not a democracy.

There is a lot of poverty in USA for a developed country.

 

[Martian2]

Firstly, China consumes 34% more total energy annually than the United States.

Secondly, China buys about 50% more cars than the United States annually.

Cars are important, because it is the most costly consumer good after houses. Since we can't compare houses (because the real estate market is vastly different in different countries), we use car sales as a surrogate measure.

China buys about 25 million cars (technically light vehicles) per year.

The United States buys about 17 million cars per year.

If you use cars as a benchmark, China's economy should be roughly 50% larger than the United States.

50% is pretty close to the 34% more total energy that China consumes. The point is that important metrics point to an already larger Chinese economy today.

 

[LeGenD]

There is a lot of poverty in USA for a developed country.

US GDP per capita (2016): 57467
China GDP per capita (2016): 8123
India GDP per capita (2016): 1709

In the US, only utterly irresponsible or drug addicts are in poverty.