China Just Overtook The US As The World's Largest Economy by PPP

[Desertfalcon]

Bangladesh has a higher population than Russia. Shouldn't Bangladesh be a nuclear superpower by now?

Huh? Uh no, population is not the only factor, but it is a big factor, hence why China, even if run into the ground by radical Marxists, would still have a bigger GDP than Luxenbourg. It's really an easy concept to grasp if one doesn’t take it to extremes.

Not this again. Considering how well (read: disastrous) every country that adopted "democracy" after WWII did, I think we will pass on that.

You mean countries like Germany and Japan? Yeah, how awful that whole democracy thing turned out for them! Who would want to be the two most prosperous countries on the planet after the United States, have guaranteed individual freedom, with the rule of law and free and fair elections, excellent public education, worker's rights, and social safety nets that are the envy of peoples everywhere? Poor bastards...

 

[JohnyD]

are you viets always that negative?

and when last time you spoke against China?

 

[F-22Raptor]

Not this again. Considering how well (read: disastrous) every country that adopted "democracy" after WWII did, I think we will pass on that. Open elected government does have a lot of perks, but long term planning and high efficiency are not among them.

Yeah, because countries like Germany, Japan, South Korea, and Poland have just done awful.

 

[tranquilium]

Huh? Uh no, population is not the only factor, but it is a big factor, hence why China, even if run into the ground by radical Marxists, would still have a bigger GDP than Luxenbourg. It's really an easy concept to grasp if one doesn’t take it to extremes.

View attachment 119570 You mean countries like Germany and Japan? Yeah, how awful that whole democracy thing turned out for them! Who would want to be the two most prosperous countries on the planet after the United States, have guaranteed individual freedom, with the rule of law and free and fair elections, excellent public education, worker's rights, and social safety nets that are the envy of peoples everywhere? Poor bastards...

You mean Germany and Japan, the two countries that were already industrial powers before WWII? There is a reason I specified the term "after WWII". This is because prior to WWII, there is enough time for countries to accumulate starting capital through colonies or plain invasion of other countries. This is how Japan and Germany kick started their industrialization. BTW, Germany established its industry under a monarchy and Japan did it under a fascism/monarchy.

Yeah, because countries like Germany, Japan, South Korea, and Poland have just done awful.

South Korea's economic prosperity started in late 1950s where the cold war promoted NATO to build infrastructure in South Korea as a front line base in East Asia theatre. It has nothing to do with its political model. In fact, the fastest development period in South Korea is commonly known the most most authoritarian period of Korean history in the recent times. Of course, its economy was behind North Korea until the late 80s, where the weakening of USSR great reduced energy supply to North Korea.

I would highly recommend learning a bit history before commenting. Though I am a bit curious on what you consider democracy, because typically when I hear someone that consider "democracy" and "freedom" to be the cure all for countries. They really only care about being open elective. In that case, pre-WWII Japan and Germany can both be consider democracy, because both countries run with open elections.

 

[Desertfalcon]

You mean Germany and Japan, the two countries that were already industrial powers before WWII? There is a reason I specified the term "after WWII". This is because prior to WWII, there is enough time for countries to accumulate starting capital through colonies or plain invasion of other countries. This is how Japan and Germany kick started their industrialization. BTW, Germany established its industry under a monarchy and Japan did it under a fascism/monarchy.

...and virtually all of it lay in complete and total smouldering ruins after the war. The West invested, but the post-war prosperity in both countries was the result of the emerging democratic leadership, like Konrad Adenauer and Ludwig Erhard in Germany that created the 'Wirtsschaftswunder' and Shigeru Yoshida, Nobusuke Kishi & Hayato Ikeda in Japan that created the post-war economic miracle there. However, that would be to just use an economic standard of measurement and we were talking about democracy. Do you really think it is just some odd coincidence, that the most prosperous countries on the planet, the ones with the best human rights records, the ones who treat their own people the best, have labour and adequate workplace safety laws, the ones with the best colleges and technical schools, the ones with real environmental safeguards, the one's that tens of millions of immigrants flock to, (Uh' hm, you know, like...YOU.), that have the highest standards of living, just all happen to be true democracies? Yah, I don't think the jury is still out on that one.

Wirtschaftswunder - Wikipedia, the free encyclopedia

Japanese post-war economic miracle - Wikipedia, the free encyclopedia

 

[DoTell]

GDP or PPP doesn't matter. What I most concern that is the living conditions of people all over China.

We still need to work harder.

Agreed. We do well when everyone is doubting us, calling doomsday on China. We need that to continue.

Yeah, because countries like Germany, Japan, South Korea, and Poland have just done awful.

No, but because India and your democratic brain child a.k.a. Iraq have done great

 

[Londonlight]

China is going to go above US in all indicator very soon

 

[Kloitra]

China is going to go above US in all indicator very soon

US per capita (PPP) is still 3 times that of China...

...and virtually all of it lay in complete and total smouldering ruins after the war. The West invested, but the post-war prosperity in both countries was the result of the emerging democratic leadership, like Konrad Adenauer and Ludwig Erhard in Germany that created the 'Wirtsschaftswunder' and Shigeru Yoshida, Nobusuke Kishi & Hayato Ikeda in Japan that created the post-war economic miracle there. However, that would be to just use an economic standard of measurement and we were talking about democracy. Do you really think it is just some odd coincidence, that the most prosperous countries on the planet, the ones with the best human rights records, the ones who treat their own people the best, have labour and adequate workplace safety laws, the ones with the best colleges and technical schools, the ones with real environmental safeguards, the one's that tens of millions of immigrants flock to, (Uh' hm, you know, like...YOU.), that have the highest standards of living, just all happen to be true democracies? Yah, I don't think the jury is still out on that one.

Wirtschaftswunder - Wikipedia, the free encyclopedia
Japanese post-war economic miracle - Wikipedia, the free encyclopedia

Both Germany and Japan had an advantage after ww2 that China didn't:

West Germany had a skilled workforce and a high technological level in 1946

Essence of what led to fast development of both the countries. This is the biggest reason for their comeback, government model just managed to stay out of the way. Comparatively, Chinese government forced the development, which would have been near impossible in democratic way.

 

[Londonlight]

China may remain mid-income level country for few decade but as a sovereign entity it is going to challange USA very soon in political, economic,soft-power and philoso-power.
Red-war is about to start.

 

[Cyberian]

Congratulations People's Republic of China.

 

[UnChosen]

As always it will be the media here that will panic and spin the GDP number in every way possible, while the Chinese themselves couldn't care less.

In reality both nominal and PPP GDP are useless numbers.

The media will start talking about the inaccuracies of PPP measurement and how China's GDP per person is still far below the US (both true).

But then nominal GDP is just as bad...strip all the toxic financial products, petro-dollar conversion fees, debt financed consumption, over-hyped tech stock speculation, inflated healthcare pricing, and more from the US economy and watch that huge nominal GDP drop significantly.

I mean seriously, going into debt and bankruptcy to afford healthcare for dying parents...actually counts as GDP growth the way it is calculated now, even though its is just an illusion caused by sucking every penny out of desperate people's savings. Package those debt into some "healthcare investment fund" and it pumps the GDP up even more.

In China's case its GDP is also somewhat inflated by real estate speculations until recently.

Chinese people would be wise not to take this number seriously. (The Japanese did and inflated a huge bubble for themselves)

 

[Speeder 2]

Chill out, guys. To put it simplely, it doesn't count. PPP sucks!

There are some severe theoritical problems with this "big mac" concept (i.e.which in and which out) and some disturbing accounting issues to say the least...

Furthermore, countries with different accounting rules and practices, labour laws, infrastrucuture levels, up tp even social systems, etc are not suitable at all in comparing themselves at PPP level since they're apples and oranges.

So many Issues with this "PPP" that I haven't even started...

Comparablely speaking, only nominal GDP can be used, if have to choose 1 between nominal and PPP.

Norminal GDP has its own set of problems, however, but it's another story.

 

[mike2000]

Congrat. 1.4 billion of Chinese and FDI just reach the same production value as 0.3 billion of US could make.

Its true, i agree with your point bro.(though i know you are being negative due to your differences with the Chinese, than trying to make a proper point/argument per say). However, you are right, China with a population of over 1.3 billion who are hard working(not lazy),entrepreneurial(look at how wealthy/powerful overseas chinese are in Philippines, Singapore, Indonesia, Malaysia etc abroad), smart,skillful and shrewd. Plus they are a civilization state and a former world power as well(huh...well centuries ago.lol). So considering all these its indeed true they should have done wayyyy better than equaling a nation of just about 350million people.

As i said before, China will obviously surpass the U.S economically this coming decades in nominal terms(PPP already happened) due to its relatively poor/low per capital income which still gives it large room for growth unlike we in the west or Japan who are already developed/saturated, not because of the communist party efficiency/skillfulness/ or whatever(they are quite corrupt to the core, even their president's daughter schools in U.S instead of their own country lol) had the KMT been in power they would have done even wayy better tbh. As far the government gets outta the way of its citizens and allows them freedom to carry out their private life/business(only intervening when necessary/providing an environment favorable for business to grow) then the country should have at least been half as productive as the U.S IMO. They are still very much behind and are merely playing catch up to all the lost decades the communist party closed soviet model ideology caused them. So this might sound like a huge achievement but its not really. They should have been doing better than this a while ago. Anyway maybe its never too late, but theres nothing really in this to boast about per sayand even more so when its Nominal GDP that counts.

 

[northeast]

As always it will be the media here that will panic and spin the GDP number in every way possible, while the Chinese themselves couldn't care less.

In reality both nominal and PPP GDP are useless numbers.

The media will start talking about the inaccuracies of PPP measurement and how China's GDP per person is still far below the US (both true).

But then nominal GDP is just as bad...strip all the toxic financial products, petro-dollar conversion fees, debt financed consumption, over-hyped tech stock speculation, inflated healthcare pricing, and more from the US economy and watch that huge nominal GDP drop significantly.

I mean seriously, going into debt and bankruptcy to afford healthcare for dying parents...actually counts as GDP growth the way it is calculated now, even though its is just an illusion caused by sucking every penny out of desperate people's savings. Package those debt into some "healthcare investment fund" and it pumps the GDP up even more.

In China's case its GDP is also somewhat inflated by real estate speculations until recently.

Chinese people would be wise not to take this number seriously. (The Japanese did and inflated a huge bubble for themselves)

Who are you？Are you Chinese？You think Chinese are all so depressive like you？Good thing is good thing，no need always to considers the bad side.Have some confidence，chinese，that's the source of power.

 

[BoQ77]

are you viets always that negative?

Am I wrong? I congrated Chinese friends, you know !!!