China on verge of high-income status after wealth measure jumps 20%

[Mista]

Although I think a more accurate description of high income should be a per capita above $20K at least.

The threshold is adjusted only for inflation, which means it has remained constant in real terms ($6K in 1987 prices) over the decades. Thus, theoretically all countries will eventually reach high income as long as they have positive real GNI per capita growth.

The US have a GDP per capita of ~$20K in 1987 and ~$70K currently.

If we used the US as a benchmark, the threshold for high income should be ~$21K currently.

70/20 * 6 = ~$21K.

 

[beijingwalker]

Russia will default on foreign debt, there is no escape. Russia assets in dollars, sterlings, euros, yens, singapore dollar, Taiwan dollar and many other currency are seized or frozen. The US, Ukraine will take that money to compensate the damages Putin has done.
Russia economy will go down the toilet. There are estimates Russia would take 30y to recovery.
Putin is 70 y old now he would be 100 y old man.

If they do, Russia will seize their assets in Russia, they will suffer more loss than Russia

 

[Shakuni Mama]

but india will beat china!

but Pakistan will beat America and its allies.

 

[CAPRICORN-88]

Russia Gazprom has repaid a $1.3 billion to its investor in full.
The dollar-denominated bond matured on Monday, according to holders of the bond.

Earlier on, many Western analysts have predicted that Russia will default on its foreign debt.

 

[beijingwalker]

Russia Gazprom has repaid a $1.3 billion to its investor in full.
The dollar-denominated bond matured on Monday, according to holders of the bond.

China considers buying or increasing stakes in Russian energy, commodity firms such as gas giant Gazprom

China considers buying stakes in Russian energy, commodity firms

The discussions are at an early stage and wont necessarily lead to a deal, the people said, requesting anonymity as the discussions arent public. Some talks between Chinese and Russian energy companies have started to take place, according to separate sources.

economictimes.indiatimes.com

 

[Viet]

If they do, Russia will seize their assets in Russia, they will suffer more loss than Russia

McDonald’s closes all restaurants in Russia we can make them to Viet or China restos. Win win.

 

[AViet]

12K or 20K doesn't matter to be a really developed country.

Equatoria Guinea's GDP per capita was 30K, higher than South Korea, just some years ago, did it make the country really "high income"?. Ukraine GDP per capita is just 4.3K US$ in 2021, does it make Ukraine more backward than Guinea.

Due to the war, 2022 Ukraine's GDP per capita may be less than 2000 US$, will it make Ukraine equal to Haiti?. One nuke can send Japan back to less than 1000 US$ per capita, does this make Japan equal to Somalia?

I do not think so.

The US has GDP per capita at more than 60K, but it is still pretty much a third world country culturally, educationally and many other aspects. North Korea, Russia and Ukraine may have much lower GDP per capita, but I would consider them first world countries.

 

[Han Patriot]

Reading up on the Vietnam War, I used to be boggled how tens of thousands of babies were born to the same people bombing, genociding and raping you.
This didn't happen with Afghan, Iraqi, or Japanese who were also invaded by the USA.
Russia and China were the two that came to the help of Vietnamese then... and you take every opportunity to deride them and take the coattails of the USA.
If this is the national character of Vietnam then it well explains why invaders were welcome with open thighs..

These people are ungrateful bstrds. Russia gave it all for them and now they are siding with US.

China considers buying or increasing stakes in Russian energy, commodity firms such as gas giant Gazprom

China considers buying stakes in Russian energy, commodity firms

The discussions are at an early stage and wont necessarily lead to a deal, the people said, requesting anonymity as the discussions arent public. Some talks between Chinese and Russian energy companies have started to take place, according to separate sources.

economictimes.indiatimes.com

Screw the dollar valuation, Russia is the richest country in terms of oil, gas, minerals, potash and grain. This country is key to our Rejuvenation. Russia must be on our side. With global warming, Siberia will be very very good for agriculture. Their technical base is still strong, combined with Chinese technology and industrial base and market, we can dominate the world.

 

[tower9]

12K or 20K doesn't matter to be a really developed country.

Equatoria Guinea's GDP per capita was 30K, higher than South Korea, just some years ago, did it make the country really "high income"?. Ukraine GDP per capita is just 4.3K US$ in 2021, does it make Ukraine more backward than Guinea.

Due to the war, 2022 Ukraine's GDP per capita may be less than 2000 US$, will it make Ukraine equal to Haiti?. One nuke can send Japan back to less than 1000 US$ per capita, does this make Japan equal to Somalia?

I do not think so.

The US has GDP per capita at more than 60K, but it is still pretty much a third world country culturally, educationally and many other aspects. North Korea, Russia and Ukraine may have much lower GDP per capita, but I would consider them first world countries.

Agreed. But I can tell you that China’s level of development is actually higher than what it’s gdp per capita suggests. Just compare China to any Latin American country like Mexico or Argentina, they are in different leagues.

 

[PradoTLC]

but Pakistan will beat America and its allies.

Like in Afghanistan ?

 

[Beast]

No, should be $64K. Actually the title is meaningless. What's important is to surpass the US.

China has 4plus times the population of US. Just 1/4 GDP per capita of US is enough to make China economy bigger than US.

 

[ZeEa5KPul]

The news comes from CNN bro. Very credible report. The tires are bursting.
Putin will not be amused.
He will blame China for the defeat.

Russia should have bought tires from VinDiesel.

 

[etylo]

Nonsense I myself don’t blame China Putin certainly will. If I was chinese I would be cautious.
Putin is an ex Soviet spy in Germany. He speaks German I follow some of his speeches. He blames Lenin for giving up Ukraine. He blames gorbatschow for Soviet collapse. His thought is surrounded by restoring of Soviet Union. He is a man of the past. The Russia army military doctrine is formed by idea of the red army. The tanks invading Ukraine have red flag.

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Nearly every adult was born in the Soviet era and almost all important government officers in Russia today have some experience or connection with Soviet government, do you have a brain OK ? So, we should not have any business with Russians today because they are related to Soviets ?

 

[Oom]

China is a friend. But it needs to be classified as a developed country rather than a developing economy. Under WTO rules that gives an undue advantage to Chinese exports at the expense of other countries that need it. I hope China will abide by the WTO rules after its classification is changed, these rules made China rich (as well as their own hard work, all credit to the Chinese leadership), and other developing countries should have fair access to the Chinese domestic Market.

This will also help China because only by changing the economy from a production to a consumption one (along with high end exports rather than the lower ones) can further growth in the Chinese economy be maintained which shall surely also lead to better living standards. Even a lot of Chinese economist agree that China should have started this transition earlier, and President Xi Jingping rightly accelerated it.

 

[etylo]

China is a friend. But it needs to be classified as a developed country rather than a developing economy. Under WTO rules that gives an undue advantage to Chinese exports at the expense of other countries that need it. I hope China will abide by the WTO rules after its classification is changed, these rules made China rich (as well as their own hard work, all credit to the Chinese leadership), and other developing countries should have fair access to the Chinese domestic Market.

This will also help China because only by changing the economy from a production to a consumption one (along with high end exports rather than the lower ones) can further growth in the Chinese economy be maintained which shall surely also lead to better living standards. Even a lot of Chinese economist agree that China should have started this transition earlier, and President Xi Jingping rightly accelerated it.

China's GDP per captia is still about 12000 dollars per year which is in the middle range of income, not the high income range of the world, says that it is still a developing country, not a developed one as the USA and some Western countries like to label China. Singapore, which has GDP per captia of over 60000 dollars and South Korea that has GDP per captia of over 30000 dollars are still classified as developing countries. There are still poor and undeveloped areas especially countryside in China that you don't usually hear or see. China is not all developed as Shanghai, Beijing or Shenzhen.