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

[Mista]

China's "per capita disposable income" is after tax data. And you don't know the actual situation in China, which is seriously underestimated.

I know you know Chinese. You can search the report content in the screenshot I show. According to the calculation of China's capital flow statement, the real per capita disposable income after tax in China in 2021 should be 49000 CNY (7600 US dollars).


View attachment 892118

Well, I also think it's understated but that's data straight from the National Bureau of Statistics of China. I'm too lazy to read through the article disputing NBS's figures, but even assuming your figures are right, it still doesn't support your argument that China would have a higher nominal GDP if imputed GDP is included.

 

[Mista]

I checked that China's real estate industry GDP includes the development and operation of real estate enterprises, the operation of property management companies, the operation of real estate intermediary companies, and the depreciation of self owned real estate.

That is to say, the data you give are from 4 aspects of GDP, and you use them all for 1 aspect of GDP calculation.

Even if I calculate according to the wrong data you gave, it does not conform to the actual situation.

If it is a virtual rent, the average family can not be only $2000 per year. This is not in line with the actual situation in China.

And why do you think that the GDP of the "real estate" item only includes housing depreciation?

View attachment 892172


It is now clear that the GDP calculated by virtual rent will be far greater than that calculated by cost method.

When did I ever say depreciation? I've said property cost-amortization, costs which includes the following in the screenshot I've provided above:

http://www.lg.gov.cn/hdjl/ywzsk/tjzs/content/post_9351689.html

 

[MH.Yang]

Well, I also think it's understated but that's data straight from the National Bureau of Statistics of China. I'm too lazy to read through the article disputing NBS's figures, but even assuming your figures are right, it still doesn't support your argument that China would have a higher nominal GDP if imputed GDP is included.

I can't find the data of per capita income before tax in China. Or can you find the data of per capita income after tax in the United States?

In any case, you can't draw a conclusion by comparing pre tax income with after tax income.



In 2021, the per capita GDP of the USA was be 69300 US dollars and that of China was be 12400 US dollars.
The average income of Chinese people after tax is 7600 dollars. Then the average income of Americans after tax should at least exceed $42500, which can prove your theory.
And this is in the case of ignoring implicit benefits.

 

[925boy]

PPP is the most accurate way to gauge an economy, not GDP which just use the USD.

cant argue this. but this also suggests this Multani guy might be trolling with this thread. just saying.

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.

Fully agreed and great point- "average" per capita income in US is $65K+, but that isnt what the AVERAGE AMERICAN MAKEs- becaue the excess income and wealth of America's super rich are skewing the average GDP per capita income stats of the US- the avg American isnt building or having alot of wealth today,even though the stats suggest that.

Also, USD as a currency is eroding in value, so we will soon need to adjust USD based GDP and GDP per capital averages and amounts to real inflation, because USD doesnt hold the same value it used to some years ago, thats why the per capita income like you rightly said will "soon be $1,000,000 per capital"

 

[Mista]

Straight from the NBS that China's GDP also includes imputed GDP from owner-occupied dwellings.

Like I said in my initial post. China's imputed GDP from owner-occupied dwellings is around 7%, and for the US it's 11%. It's not that big of a difference.

Your claim that China's GDP would be higher than the US if imputed GDP is included (it's already included) doesn't stand.

 

[MH.Yang]

When did I ever say depreciation? I've said property cost-amortization, costs which includes the following in the screenshot I've provided above:

View attachment 892189

http://www.lg.gov.cn/hdjl/ywzsk/tjzs/content/post_9351689.html

The "real estate GDP" you gave contains too many items in the service industry. Obviously, it is not equivalent to the "virtual rent" in the USA.

USA will not include the operating income of real estate enterprises, property companies and real estate intermediary companies in the "virtual rent". That is to say, only "自由房产经营" is equivalent "virtual rent".

 

[Mista]

In 2021, the per capita GDP of the USA was be 69300 US dollars and that of China was be 12400 US dollars.
The average income of Chinese people after tax is 7600 dollars. Then the average income of Americans after tax should at least exceed $42500, which can prove your theory.

Disposable personal income: Per capita

Graph and download economic data for Disposable personal income: Per capita (A229RC0A052NBEA) from 1929 to 2023 about disposable, personal income, per capita, personal, income, GDP, and USA.

fred.stlouisfed.org

Still >30% higher than the implied GDP per capita ratio of the 2 countries.

 

[MH.Yang]

View attachment 892200

Straight from the NBS that China's GDP also includes imputed GDP from owner-occupied dwellings.

Like I said in my initial post. China's imputed GDP from owner-occupied dwellings is around 7%, and for the US it's 11%. It's not that big of a difference.

Your claim that China's GDP would be higher than the US if imputed GDP is included (it's already included) doesn't stand.

The data you provided shows that the GDP of Q1 in 2022 will be 27017.8 billion CNY. 7% is CNY1891.3 billion. This is consistent with the figure of "real estate GDP". That is to say, 7% GDP also includes the operating output value of real estate enterprises, property companies and real estate intermediary companies. This is obviously not equivalent to the "virtual rent" of the United States accounting for 11% of GDP.

 

[Mista]

The "real estate GDP" you gave contains too many items in the service industry. Obviously, it is not equivalent to the "virtual rent" in the USA.

USA will not include the operating income of real estate enterprises, property companies and real estate intermediary companies in the "virtual rent". That is to say, only "自由房产经营" is equivalent "virtual rent".

View attachment 892200

Straight from the NBS that China's GDP also includes imputed GDP from owner-occupied dwellings.

Like I said in my initial post. China's imputed GDP from owner-occupied dwellings is around 7%, and for the US it's 11%. It's not that big of a difference.

Your claim that China's GDP would be higher than the US if imputed GDP is included (it's already included) doesn't stand.

^

USA will not include the operating income of real estate enterprises, property companies and real estate intermediary companies in the "virtual rent".

And China includes? Seriously, did you even read what I highlighted?

Even the NBS acknowledges that there are 2 different ways of calculating imputed GDP. And here you guys are going everywhere claiming that US GDP is fake for including imputed rents. Other countries are fake too? Only China's GDP is accurate?

 

[MH.Yang]

View attachment 892205

Disposable personal income: Per capita

Graph and download economic data for Disposable personal income: Per capita (A229RC0A052NBEA) from 1929 to 2023 about disposable, personal income, per capita, personal, income, GDP, and USA.

fred.stlouisfed.org

Still >30% higher than the implied GDP per capita ratio of the 2 countries.

The US per capita income of 56,088 you provided is still pre tax income.

This comparison is meaningless. $56088 before tax, not necessarily more than $42500 after tax.

In 2021, USA $23 trillion GDP contributed $7.3 trillion in taxes. The effective negative tax rate of the United States should be 31.74%.

Calculated according to this tax rate. The average after tax income in the United States should be $38285.

^



And China includes? Seriously, did you even read what I highlighted?

View attachment 892210

Even the NBS acknowledges that there are 2 different ways of calculating imputed GDP. And here you guys are going everywhere claiming that US GDP is fake for including imputed rents. Other countries are fake too? Only China's GDP is accurate?

View attachment 892211

China's "real estate industry" GDP does include the operating output value of real estate enterprises, property companies and real estate intermediary companies.

I know you know Chinese word. Look at the picture I sent. It is the tax department's interpretation of the GDP data of the "real estate industry" in 2016.

 

[Mista]

The US per capita income of 56,088 you provided is still pre tax income.

This comparison is meaningless. $56088 before tax, not necessarily more than $42500 after tax.

In 2021, USA $23 trillion GDP contributed $7.3 trillion in taxes. The effective negative tax rate of the United States should be 31.74%.

Calculated according to this tax rate. The average after tax income in the United States should be $38285.

Dude, did you even read the title?

Disposable personal income: Per capita

At this point I'm suspecting that you're arguing for the sake of arguing. Finding some random and meaningless tactical points here and there.

 

[Mista]

China's "real estate industry" GDP does include the operating output value of real estate enterprises, property companies and real estate intermediary companies.

I know you know Chinese word. Look at the picture I sent. It is the tax department's interpretation of the GDP data of the "real estate industry" in 2016.



View attachment 892220

Look, I'm citing straight from the National Bureau of Statistics of China, the most authoritative source for Chinese statistics, with links provided, and here you are citing 百度知道, a quora-equivalent in China and asking me to search your source myself because I can read Chinese. Really? What's next? Zhihu? Yahoo forums? Facebook comment section? PDF?

Take a read yourself for point 16. If you still think US GDP is all fluff and China's nominal GDP will be higher when imputed GDP is included when it is already in fact included, then so be it. I'm done. I'm too lazy to continue this argument with you lol.

http://www.stats.gov.cn/tjzs/cjwtjd/201308/t20130829_74319.html

 

[beijingwalker]

China is the world biggest trading nation, exports nation, manufacturing nation, industrial nation, agricultural nation and US is...? maybe money printing nation.

 

[MH.Yang]

Look, I'm citing straight from the National Bureau of Statistics of China, the most authoritative source for Chinese statistics, with links provided, and here you are citing 百度知道, a quora-equivalent in China and asking me to search your source myself because I can read Chinese. Really? What's next? Zhihu? Yahoo forums? Facebook comment section? PDF?

Take a read yourself for point 16. If you still think US GDP is all fluff and China's nominal GDP will be higher when imputed GDP is included when it is already in fact included, then so be it. I'm done. I'm too lazy to continue this argument with you lol.


View attachment 892223

http://www.stats.gov.cn/tjzs/cjwtjd/201308/t20130829_74319.html

The picture you show also tells you that "居民自由住房服务" is equivalent to "virtual rent", not "real estate".
However, the "virtual rent" calculated by cost depreciation in China is far lower than that calculated by market price in the United States.

 

[MultaniGuy]

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.



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

Hey idiot, whatever happened to freedom of speech and freedom of expression? Afterall you are living in a land of freedom, are you not?