China is the world's largest economy in GDP Nominal not just GDP PPP or Not yet? Or in a Couple of Years?

[Menthol]

This is what I heard, but I am waiting to see some authentic articles about it.


I said that is WHAT I HEARD. I am waiting to see a news agency reporting on it.

China already is the largest economy or will be in the next few/couple of years.

I never heard about it.

But it will take a very long time to hear the news that USA is admitting China's economy is larger than USA in the nominal term.

It's a geopolitical issue.

In the future, you will see a weird number like USD GDP per capita is USD 1,000,000, while the rest of the developed country on average is just around USD 75,000.

The weird thing, is you see the gap is unrealistic, but it's written that way.

As well as USA citizen life is not reflected to have a GDP per capita of USD 1,000,000, but it's written that way.

 

[MultaniGuy]

Not the largest GDP nominally, China is only second in GDP nominal. China is first in GDP adjusted by PPP.

Adjusted GDP is more accurate but also dynamic as in PPP changes a lot every few years and it is not inconceivable for the US to have growing PPP as other economic factors change for them (but in those cases their GDP nominal would experience forces that act towards contracting it).

I think what you heard is adjusted. There are several other adjusted forms of measurements (not only adjusted for PPP) which also put China ahead of the US but again those measurements are far more dynamic than nominal measurement which has its place also.

The fact is that all measurements are simply good indicators rather than black and white "evidence" for who's got the "larger" economy.

The best usual indicator is GDP per capita adjusted for PPP. US is far ahead. China still has a lot more work to do and also room for growth. This general measurement is dependent on how productive each individual can be. It is a tricky one to understand honestly and people who claim they do, unless they are phds, they do not genuinely understand it. It isn't quite as simplistic as most minds here are.

Another tricky thing is how nations account for GDP. China genuinely under reports GDP. NAFO trolls and Indian morons on this forum will deny this and claim the opposite but who cares. Reality >> delusions and propaganda. Why and how does China under report GDP? TLDR, China does NOT account for entire chunks of "industries" whereas the US counts literally everything. Both economies are heavily indebted but China is a major US creditor in t he form of buying treasuries, holding some influence over US debt cycles long and short too due to exposure and dependency.

Anyway long story short, China is on productivity performance only roughly 1/3 to 1/2 of US per capita. Adjust for population demographic where a lot of China's citizens are now elderly and retirement age, it is still around 1/2 to 3/4 of US per capita adjusted for PPP. And yet it has education (improving still), industry, and involvement in the wealth production forms (from education to industry chain) at a very dedicated and deep level already but will be better still and catch up to western levels (even higher than China's esp on per capita basis). Once these foundation metrics are closer to highest western levels (for example countries like Spain and Greenland would be lesser than US or France), then it's nominal economic size by then would have surpassed US by some margin and adjusted economic size would be more than twice the US. Essentially 1.4 billion people with 600M in retirement age in 30 years would be roughly 800M compared with US (by then) 400M and all basis points roughly equal, it is commensurate that China's adjusted economic size is twice of US and nominal would be more than 1x with US difference here being the difference accounted for by US monetary policies and financial structures and its balancing end (20 year LT debt cycles and consequences of running a 50 trillion total economy with only 3 trillion as real money the rest are borrowed/printed/ether money relying on USD as global reserve and US exporting inflation to rest of world).

Yes, then these stupid news agencies should not say China is the world's largest economy.

When China is the largest economy in Nominal GDP terms, then China becomes the world's largest economy.

I never heard about it.

But it will take a very long time to hear the news that USA is admitting China's economy is larger than USA in the nominal term.

It's a geopolitical issue.

In the future, you will see a weird number like USD GDP per capita is USD 1,000,000, while the rest of the developed country on average is just around USD 75,000.

The weird thing, is you see the gap is unrealistic, but it's written that way.

As well as USA citizen life is not reflected to have a GDP per capita of USD 1,000,000, but it's written that way.

Correct, correct. I have no proof that China is the world's largest economy in GDP Nominal terms.

Gross Domestic Product is the final value of all goods and services produced in one year according to Economics.

I never heard about it.

But it will take a very long time to hear the news that USA is admitting China's economy is larger than USA in the nominal term.

It's a geopolitical issue.

In the future, you will see a weird number like USD GDP per capita is USD 1,000,000, while the rest of the developed country on average is just around USD 75,000.

The weird thing, is you see the gap is unrealistic, but it's written that way.

As well as USA citizen life is not reflected to have a GDP per capita of USD 1,000,000, but it's written that way.

Yes, China is not the largest economy in GDP nominal Terms. I have no proof of China being the world's largest economy in GDP nominal terms.

China is only 7 notches below USA's Nominal GDP according to this data.

Anyways I hope China becomes the world's largest economy soon.

 

[MultaniGuy]

But sometimes it is more entertaining to let people expose themselves by what they wish to believe.

Yeah you can tell these women are "western girls."

"I'm kind of known for something that is not so great to be known for, its not so great"
- Monica Lewinsky

 

[serenity]

Yes, then these stupid news agencies should not say China is the world's largest economy.

When China is the largest economy in Nominal GDP terms, then China becomes the world's largest economy.


Correct, correct. I have no proof that China is the world's largest economy in GDP Nominal terms.

Gross Domestic Product is the final value of all goods and services produced in one year according to Economics.

Information these days are increasingly biased some way or another for every side for whatever reasons they have.

Even the most reputable agencies on reporting GDP of countries, you need to read how the measurement is. Just like in chemistry, the phrase concentration of substance x is y% is a worthless statement unless it species % in what form? weight? volume? etc. Good reputable publications and agencies would tell you if it is by adjusted form and if so what adjusted form etc.

As for the wider conversation, all these metrics are actually very umm difficult to use specifically. More interesting and more valuable to GDP are actually wealth producing metrics since GDP includes lots of valueless bullshitting. For example, the US includes insurance industry as GDP. Or for example a divorce lawyer in the US makes $100,000 on one high caliber divorce settlement. Meanwhile China's social structure and divorce structure is different and an equivalent worker makes $1000 USD equivalent on a similar case. Both country's GDP measures are very heavily influenced by respective debts, how property markets work, how loan markets work, how these are accounted (actually kinda complex and not simply a $10M property old = $10M to GDP).

In any case, both countries GDPs are heavily inflated in some ways, accurate in others, under valued or totally not accounted in some (and both vary in how they choose).

The important aspects are really, education, size of educated (certain levels) population, employment in different levels of industry and value chain, industry depth, infrastructure (particularly transport infrastructure), industry spread (what industries your country is involved in, dominant in, has presence in), research, universities, labs, science institutions, governance, organization of how all these interact and function and how dependent they are and how rugged they are to external disruptions.

If GDP is the result that is only obvious after years of developing these qualities (ignoring how GDP is affected by the other monetary policy and general economic status forces such as velocity of money and many many others), then it's more important to look at the state of these things and where they are trending. These things take decades to make some effect onto the factors that more directly affect GDP.

 

[MultaniGuy]

Information these days are increasingly biased some way or another for every side for whatever reasons they have.

Even the most reputable agencies on reporting GDP of countries, you need to read how the measurement is. Just like in chemistry, the phrase concentration of substance x is y% is a worthless statement unless it species % in what form? weight? volume? etc. Good reputable publications and agencies would tell you if it is by adjusted form and if so what adjusted form etc.

As for the wider conversation, all these metrics are actually very umm difficult to use specifically. More interesting and more valuable to GDP are actually wealth producing metrics since GDP includes lots of valueless bullshitting. For example, the US includes insurance industry as GDP. Or for example a divorce lawyer in the US makes $100,000 on one high caliber divorce settlement. Meanwhile China's social structure and divorce structure is different and an equivalent worker makes $1000 USD equivalent on a similar case. Both country's GDP measures are very heavily influenced by respective debts, how property markets work, how loan markets work, how these are accounted (actually kinda complex and not simply a $10M property old = $10M to GDP).

In any case, both countries GDPs are heavily inflated in some ways, accurate in others, under valued or totally not accounted in some (and both vary in how they choose).

The important aspects are really, education, size of educated (certain levels) population, employment in different levels of industry and value chain, industry depth, infrastructure (particularly transport infrastructure), industry spread (what industries your country is involved in, dominant in, has presence in), research, universities, labs, science institutions, governance, organization of how all these interact and function and how dependent they are and how rugged they are to external disruptions.

Yes, I agree with you.

 

[serenity]

Anyways I hope China becomes the world's largest economy soon.

"world's largest economy" is too hard to accurately determine when there are two that are close. It would be easier to say for certain if the distance is huge, for example for US from 1970s to 2010s it is obviously, undeniably largest by large margin to smaller margin. These days even nominally it actually depends since both countries report and account differently and the specifics vary widely from working for or working against that simplistic measurement.

China needs to have a larger, deeper, and stronger scientific and tech basis than US if it wishes to have clearly larger economy. This is not the case yet but it is trending very quickly towards that. The best snapshot general measures for this would be NATURE index, SCIENCE publication measurements on rankings and the trending over the decades for these. Education levels, tertiary higher level education levels, brain drain levels or brain gain levels, IP (adjusted for quality where US and China are actually not that far apart), citations (adjusted for quality as well where China and US are basically neck and neck), and industry developments and many others actually but not on my mind at the moment. In these metrics, China is a bit behind the US overall (some slightly better, many are lower, some roughly equal).

How do these things change over the next two decades? Well China will have a higher wealth level nominally overall and individually, higher education levels, and demographic change towards lower population, higher education concentration of those demographics, increased investment into industry, science and R&D which is expected as per capita those investments are behind the west and as China gets wealthier, tolerance for loss of investment is higher as per usual with how these things generally work. Wealth = higher risk tolerance = more daring science and R&D which previously the disadvantage of lower wealth levels were offset by huge nominal wealth as a whole due to high population and central government with long term planning and better understanding.

 

[F-22Raptor]

@beijingwalker
@Beast


Are there any articles which say that China is the largest economy in GDP Nominal terms.

This is what I heard that China is now the world's largest economy.

Only an idiot would want to be an American.

China will be $8T+ behind US GDP by the end of the year. China is not anywhere close to surpassing the US economically. PPP is a useful metric to measure standard of living, but not relative power between countries.

 

[MultaniGuy]

China will be $8T+ behind US GDP by the end of the year. China is not anywhere close to surpassing the US economically. PPP is a useful metric to measure standard of living, but not relative power between countries.

Yes, in GDP Nominal China is behind USA, no doubt about that by $7 trillion notches only though.

 

[MultaniGuy]

t not relative power between countries.

China will be $8T+ behind US GDP by the end of the year. China is not anywhere close to surpassing the US economically. PPP is a useful metric to measure standard of living, but not relative power between countries.

The strength of an economy is measured by GDP Nominal.

 

[Menthol]

Yes, then these stupid news agencies should not say China is the world's largest economy.

When China is the largest economy in Nominal GDP terms, then China becomes the world's largest economy.


Correct, correct. I have no proof that China is the world's largest economy in GDP Nominal terms.

Gross Domestic Product is the final value of all goods and services produced in one year according to Economics.


Yes, China is not the largest economy in GDP nominal Terms. I have no proof of China being the world's largest economy in GDP nominal terms.

View attachment 891721

China is only 7 notches below USA's Nominal GDP according to this data.

Anyways I hope China becomes the world's largest economy soon.

Even thou China is the world's largest GDP in the nominal term, China is not going to publish it.

As well as USA is going to admit it.

You can only make a guess, but you won't find a clear answer.

To deal with China, you can't depend on information published for the common people.

The real information about China can only be obtained by the elites, those who understand the economy and make a big profit from China.


You see, there is much misleading information about China on the internet and media, but you always hear a lot of businesses doing business with China, and keeps growing every year.

That is the real information you should get.

I just want to say, the wind direction is already changed, and you can get hints from the political behavior of many countries around the world from the geopolitical perspective.

Today, we are at the crossroad, it's very sensitive, fragile, the new crisis came out of nowhere.

I just hope we can pass it with peace without any major conflict like WW3.

 

[MultaniGuy]

Even thou China is the world's largest GDP in the nominal term, China is not going to publish it.

As well as USA is going to admit it.

You can only make a guess, but you won't find a clear answer.

To deal with China, you can't depend on information published for the common people.

The real information about China can only be obtained by the elites, those who understand the economy and make a big profit from China.


You see, there is much misleading information about China on the internet and media, but you always hear a lot of businesses doing business with China, and keeps growing every year.

That is the real information you should get.

I just want to say, the wind direction is already changed, and you can get hints from the political behavior of many countries around the world from the geopolitical perspective.

Today, we are at the crossroad, it's very sensitive, fragile, the new crisis came out of nowhere.

I just hope we can pass it with peace without any major conflict like WW3.

I wish well for China. Pakistan should make China observer nation in OIC.

 

[VCheng]

Why don't you tell this idiot imperial soldier what a great "honour" it is to be an American?
With his limbs severed?
View attachment 891717

And their culture of girlfriends/prostitutes.

Then I met some intellectuals from Indonesia, Pakistan, Russia, India, Saudi Arabia, Egypt, Turkey, Morocco, Canada, and Brazil saying why should we care about USA?

It is not my country, therefore we don't care about it.

And also from Japan.

@beijingwalker
@Beast

And what has that log on your shoulder to do with the topic in this thread? Belittling soldiers of any country for doing their duty is a violation of PDF rules, and just shows what a lowlife you really are.

Yeah you can tell these women are "western girls.
View attachment 891723
"I'm kind of known for something that is not so great to be known for, its not so great"
- Monica Lewinsky

As I said, you would be entertaining, if you were not such a lowlife.

 

[beijingwalker]

China can out build US military , especially navy, is because of purchasing power parity, China has a smaller defense budget in dollar terms, but can do way more things with the money.

It could be argued that China actually outspends the U.S. on its military when personnel costs and purchasing power are taken into account. In fact,

“In purchasing power parity, they spend about one dollar to our 20 dollars to get to the same capability.”

China Acquiring New Weapons Five Times Faster Than U.S. Warns Top Official

Air Force’s acquisition chief is the latest to warn that the Pentagon is being left behind by the pace of China's defense developments.

www.thedrive.com

 

[MH.Yang]

In 2014, China's PPP has surpassed that of the USA. In 2021, China's PPP was be 134% of that of the USA.

The GDP of the USA is higher than that of China. However, if China uses the same GDP calculation method as the USA (including virtual rent), China's GDP will also be higher than that of the USA.

 

[beijingwalker]

In 2014, China's PPP has surpassed that of the USA. In 2021, China's PPP was be 134% of that of the USA.

The GDP of the USA is higher than that of China. However, if China uses the same GDP calculation method as the USA (including virtual rent), China's GDP will also be higher than that of the USA.

US GDP looks nice on paper, but in reality people are struggling to make ends meet with this crazy inflation.