China overtakes the US in total wealth

[tower9]

Global Wealth Surges as China Overtakes U.S. to Grab Top Spot

Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.

www.bloomberg.com

 

[GiantPanda]

Global Wealth Surges as China Overtakes U.S. to Grab Top Spot

Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.

www.bloomberg.com

China has been the world biggest economy for many years now (despite some insistence on USD denominated "nominal" GDP.)

This was always inevitable. The world's largest economy will generate the greatest wealth over time.

 

[Beidou2020]

Where is the American bridage member @F-22Raptor?

 

[siegecrossbow]

What's the measure for gauging total wealth?

 

[FairAndUnbiased]

Total wealth doesn't mean much tbh, some stock or property value fluctuations can change it easily.

 

[FuturePAF]

Total wealth doesn't mean much tbh, some stock or property value fluctuations can change it easily.

Agreed, in the 80s the Japanese real estate bubble was so overvalued it hid the structural weaknesses in their economic system and gave a false sense of their wealth. Giving into the Plaza accords undermined the growth of their wealth.

More than 30 years later, they still haven’t recovered. If the Chinese build out BRI, and link their future growth to the growth of other nations (much the same way the US used the Marshall plan for Europe and rebuilding East Asian economies for its growth) it will have a strong foundation for continuously growing into the 21st century because they have already mastered key technologies, especially in the light of population decline and greying.

 

[Darius77]

Total wealth doesn't mean much tbh, some stock or property value fluctuations can change it easily.

Good point, China also has a growing income disparity and quite large rural and urban wealth gap. However, not as bad as US which is following in India's footsteps. The CCP really needs to address the speculative bubbles.

 

[tower9]

Good point, China also has a growing income disparity and quite large rural and urban wealth gap. However, not as bad as US which is following in India's footsteps. The CCP really needs to address the speculative bubbles.

I agree but the government has been reducing the rural urban gap as a priority for the last decade. Hence the goals of erasing extreme poverty, building a beautiful countryside and the goal of building mega urban regions which will spread development and create many sponge cities that will absorb rural populations.

The real estate speculative bubble is being popped as we speak. Evergrande is a controlled demolition basically.

 

[Darius77]

I agree but the government has been reducing the rural urban gap as a priority for the last decade. Hence the goals of erasing extreme poverty, building a beautiful countryside and the goal of building mega urban regions which will spread development and create many sponge cities that will absorb rural populations.

The real estate speculative bubble is being popped as we speak. Evergrande is a controlled demolition basically.

China overall within one generation has lifted more than BILLION people out of poverty which is monumental success. Compare that to the Indian sh1thole where income disparity and rural poverty is worse than when the British masters nominally left in 1947. China literally has conducted Mao's long march to development. I was lucky to follow China's progress from the Mao era to the current rapid economic growth.

 

[doorstar]

I shall celebrate only when it is at least 3 times more than the USA

 

[tower9]

China overall within one generation has lifted more than BILLION people out of poverty which is monumental success. Compare that to the Indian sh1thole where income disparity and rural poverty is worse than when the British masters nominally left in 1947. China literally has conducted Mao's long march to development. I was lucky to follow China's progress from the Mao era to the current rapid economic growth.

Then you should know the China of the Mao era and today are literally two different universes.

 

[Darius77]

Then you should know the China of the Mao era and today are literally two different universes.

Yes indeed, but it still a centrally planned economy and quite efficient in monetary and resources allocation.

 

[tower9]

Yes indeed, but it still a centrally planned economy and quite efficient in monetary and resources allocation.

Well the intelligence behind the governance of China today is on a whole other realm compared to the Mao era.