History in making - China Just Overtook The US As The World's Largest Economy

[vietnamese_sausage]

Nominal doesn't matter either though, since there are different accounting standards in each country and what counts as GDP in one doesn't count in another.

of course it does. you buy raw materials based on world prices.

 

[FairAndUnbiased]

of course it does. you buy raw materials based on world prices.

Raw materials are a fraction of the value added. An aluminum can and airplanes are both made from aluminum mined from the same ore - its the post-processing that changes it to be suitable for either application. The less your country manufactures, and the more it depends on manufactured imports, the closer the real purchasing power of your economy is to the nominal, and the further away it is from PPP, since that means there is little value. Guess which country is the largest manufacturer and the largest exporter of manufactured goods?

 

[Beidou2020]

I wonder how they calculate those old numbers. Especially India as it was never a political entity. If Europe ever become one country, than do they combine the GDP of all European countries for historical references

Exactly what I was thinking.

 

[tranquilium]

imho, the only way China can achieve global superpower status in the economy arena, is to share the wealth with a growing Chinese middle class (that spends some of that money on holiday, or "the customer countries of China" will go into recession hurting Chinese growth and STABILITY only a short while later), and to become more modest and humble in their quest for national unity, as I outlined in the Dalai Lama thread a while back..

While traditional Chinese virtues do underline the importance of modesty, the Chinese find out that when facing other nations, modesty is simply a lost virtue. Frankly, considering some of half-assed stuff the other nations have been toting around like life their greatest achievement, there is simply no reason for China to downplay anything we have actually done.

Also, humble is a religious term and sometimes implies just because a guy belong to a religion, he is somehow much justified in his action than others. Fortunately, Chinese are atheists.

 

[proud.pakistani]

Congratulations China I hope some day Pakistan would become one of the greatest economy as well!

 

[PeaceGen]

While traditional Chinese virtues do underline the importance of modesty, the Chinese find out that when facing other nations, modesty is simply a lost virtue. Frankly, considering some of half-assed stuff the other nations have been toting around like life their greatest achievement, there is simply no reason for China to downplay anything we have actually done.

Also, humble is a religious term and sometimes implies just because a guy belong to a religion, he is somehow much justified in his action than others. Fortunately, Chinese are atheists.

ah.. i get your point. modesty is indeed lost in the world. glad to see it in Chinese culture as it is the same in my Dutch culture.
Modesty is also a bit lost in these times here.

But I still think Chinese internal cultural and religious modesty (seperation of Church and State should remain in effect, for priests make bad political directors) would be a good thing, along the lines of allowing Tibet, Hong Kong and Taiwan large degrees of autonomy in exchange for them joining the "Chinese Federation" or whatever you want to call your new Country under yet another upgrade of it's political system.

But you're heading in the right direction, China. You battle corruption visibly, and if you can upgrade yourselves politically speaking, along with the Americans and Russians (i'm on that case), then the world can see a whole lot less costly tension between the superpowers and less proxy wars fueled by weapons and money from these peaceful and well policed regions of earth. Those that fit the shoe, it's tight aint it? Especially with the last theft in the banking sector leading to that euphemism of a global economic recession, that we've still not recovered from...

 

[Maira La]

India and china have always been the two richest countries so no history in making. India and China are merely regaining the title that they have held for much of recorded human history.

India was simply a geographical region south of the Himalayas back in the days before 1947.

Furthermore, any region with lots of fertile land would naturally qualify as a high GDP "country" in 0 AD.

So one shouldn't be surprised if the geographical regions of sub-Saharan Africa and India had relatively bigger GDPs before the advent of industrialization.

 

[Jaat Rock]

I remember a thread about India becoming the third largest economy in term of PPP and members from "other countries" were like GDP in PPP doesn't really matter and look now bitches are happy for their father

 

[vietnamese_sausage]

I remember a thread about India becoming the third largest economy in term of PPP and members from "other countries" were like GDP in PPP doesn't really matter and look now bitches are happy for their father

I talked to chinese colleagues. Tbey believe in nominal GDP only. will celebrate when GDp per person reach 15k US per person.

 

[Jaat Rock]

I talked to chinese colleagues. Tbey believe in nominal GDP only. will celebrate when GDp per person reach 15k US per person.

According to me when they will overtook USA in nominal it will be a real celebration and mine above statement only apply on Pakistani and Bangladeshi members here

 

[vietnamese_sausage]

According to me when they will overtook USA in nominal it will be a real celebration and mine above statement only apply on Pakistani and Bangladeshi members here

If they do, gdp per person will be just around 13.k which is probably what they mean. Still quite impressive in such short time. I like to think i have a fair mind not afraid to give credits where due even though they are vietnam's adversary.

 

[Jaat Rock]

If they do, gdp per person will be just around 13.k which is probably what they mean. Still quite impressive in such short time. I like to think i have a fair mind not afraid to give credits where due even though they are vietnam's adversary.

Yes GDP per person will be around 13k but China will not stop there and if China grow at 7% growth for next 10 years GDP per person will nearly double.
China is doing good no doubt and i am happy for them but i was talking about other members.

 

[key-CN]

We are still a developing country, we don't want to get ahead of ourselves. There is still a long way to go.Economic transformation has only just begun，Asia will benefit from China's development.Good luck.

 

[PeaceGen]

With the current distribution of wealth (few rich vs many poor), GDP per person is not an indicator of prosperity for a nation.
The overall adult population count vs the adults above a certain yearly income level (13k, 15k, 30k USD/year), is.

 

[FairAndUnbiased]

ah.. i get your point. modesty is indeed lost in the world. glad to see it in Chinese culture as it is the same in my Dutch culture.
Modesty is also a bit lost in these times here.

You get things by self promotion in this world. What do winners do? Promote yourself, get big, then push out the whole "modesty" rubbish so the masses don't challenge your position. You can either be nameless, one of 6 billion - or you can be somebody.

Modesty may be good in everyday life, but NOT in professionalism. Every other person is director of this, manager of that, the mailman is global solutions VP responsible for managing distribution of international shipments.