China Economy: News & Discussion

johnq

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Slavery has always been a profitable business. But the slave-owners always keep all the profits while the slaves are barely kept alive as they are forced to work for sustenance wages. The same holds true for Uyghur Muslims and other enslaved minorities in China being exploited by Chinese companies as well as international corporations. The Chinese Communist Party (CCP) members who are owners of the companies keep all the profits while the exploited workers are barely able to survive. This is something that is not reflected in the Chinese government cherry-picked data posted by CCP propagandists.
 
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rockdog

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China's Per GDP on 2020 purpasses Russia, Turkey, Malaysia, Mexico, Brazil those iconic nations in different regions.

0210118093330.jpg
 

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China's economy grows 2.3% in 2020 as recovery quickens


Hong Kong (CNN Business)China's economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic.

The world's second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday.

It's China's slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult.

But during a year when a crippling pandemic plunged major world economies into recession, China has clearly come out on top. The expansion also beat expectations. The International Monetary Fund, for example, predicted that China's economy would grow 1.9% in 2020. It's the only major world economy the IMF expected to grow at all.

The pace of the recovery appears to be accelerating, too: GDP grew 6.5% compared to a year ago, faster than the third quarter's 4.9% growth.

"The performance was better than we had expected," said Ning Jizhe, a spokesman for China's National Bureau of Statistics, at a press conference in Beijing.

The country scrapped its growth target last year for the first time in decades as the pandemic dealt a historic blow to the economy. GDP shrank nearly 7% in the first quarter as large swaths of the country were placed on lockdown to contain the spread of the virus.

Since then, though, the government has attempted to spur growth through major infrastructure projects and by offering cash handouts to stimulate spending among citizens.

Industrial production was a particularly big driver of growth, jumping 7.3% in December from a year earlier.
"In and out of lockdown ahead of everybody else, the Chinese economy powered ahead while much of the world was struggling to maintain balance," wrote Frederic Neumann, co-head of Asian economics research at HSBC, in a Monday research report.

This has "put a floor under growth" in other regional markets, he added. Surging Chinese investment in infrastructure and property, for example, has been a boon to countries like Australia, South Korea and Japan that exported supplies to China.

Trade has also been strong. China's overall surplus for the year hit a record $535 billion, up 27% from 2019, according to statistics released last Friday. Analysts pointed out that the country benefited from a lot of demand for protective gear and electronics as people around the world worked from home.

Chinese markets reversed opening losses Monday to rise following the announcement. The Shanghai Composite (SHCOMP) gained 0.8%, while the Shenzhen Component Index — a benchmark for the city's tech-heavy exchange — rose 1.6%. Hong Kong's Hang Seng Index (HSI) increased 1%.

There are still some weak spots, though. Retail sales lost a little steam in December, rising 4.6% compared to November's 5%. For the entire year, retail sales slumped 3.9%. Ning, the National Bureau of Statistics spokesperson, blamed the waning sales on a resurgence of coronavirus in some places.

The "sporadic" cases in China "will bring uncertainty to [our] economic recovery," he added.
Even so, Ning said the country believes the pandemic is under control, and said authorities expect people to spend more money this year.

Analysts from Capital Economics, meanwhile, believe the outlook is "bright" in the near term.
"Despite the latest dip in retail sales, we see plenty of upside to consumption as households run down the excess savings they accumulated last year," wrote Julian Evans-Pritchard, senior China economist for Capital Economics, in a Monday note. "Meanwhile, the tailwinds from last year's stimulus should keep industry and construction strong for a while longer."
 

johnq

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GDP per capita is calculated by taking the whole GDP and dividing by the number of the population. In no way does this number show the inequities of the Chinese economic system, because the profits are not distributed equally in China. Instead, the Chinese Communist Party (CCP) members who own the companies keep all the profits, while the enslaved Uyghurs and other minorities are forced to work long hours for sustenance wages. In the long run it will also make it harder for Han Chinese workers, because they will have to accept lower wages in order to remain competitive in a market that uses forced labor by Chinese minorities like Uyghurs employed out of CCP concentration camps.
 

rockdog

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China 2020 exports up despite coronavirus; surplus surges to $535 billion

China's exports rose in 2020 despite pressure from the pandemic and a tariff war with Washington, boosting its politically volatile trade surplus to $535 billion, one of the highest ever reported



China's exports rose in 2020 despite pressure from the coronavirus pandemic and a tariff war with Washington, boosting its politically volatile trade surplus to USD 535 billion, one of the highest ever reported.
Exports rose 3.6 per cent over 2019 to USD 2.6 trillion, an improvement over 2019's 0.5 per cent gain, customs data showed Thursday. Imports edged down 1.1 per cent to just over USD 2 trillion.

China's exporters benefited from the relatively early reopening of its economy and demand for masks and other Chinese-made medical supplies. Exporters have taken market share from foreign competitors that still face curbs imposed to fight the pandemic.
Exports surged 18.1 per cent in December over a year earlier to USD 281.9 billion. Imports rose 6.5 per cent to USD 203.7 billion.
 

johnq

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We've all heard of Huawei in one way or the other, but what do you actually know about this company?
 

rockdog

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For the third consecutive year, China-based telecoms giant Huawei Technologies, with 4,411 published PCT applications, was the top corporate filer in 2019. It was followed by:

  • Mitsubishi Electric Corp. of Japan (2,661);
  • Samsung Electronics of the Republic of Korea (2,334;
  • Qualcomm Inc. of the U.S. (2,127); and
  • Guang Dong Oppo Mobile Telecommunications of China (1,927).



In a first, China knocks U.S. from top spot in global patent race

GENEVA (Reuters) - China was the biggest source of applications for international patents in the world last year, pushing the United States out of the top spot it has held since the global system was set up more than 40 years ago, the U.N. patent agency said on Tuesday.

 

rockdog

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According to the latest data from the General Administration of Customs (GAC) of China, the bilateral trade volume between China and India in 2020 was 87.6 billion U.S. dollars, down 5.6% year-on-year and the lowest level since 2017. At the same time, the trade deficit between China and India, one of the important sources of friction between the two countries, fell to 45.8 billion U.S. dollars, the lowest point in five years.

This is mainly due to the decline in India’s imports from China. In 2020, India’s imports from China amounted to US$66.7 billion, a year-on-year decrease of 10.8%, the lowest level since 2016. At the same time, India’s exports to China exceeded the US$20 billion mark for the first time, reaching US$20.86 billion, a year-on-year increase of 16% and reaching the highest level in history.

India’s largest imports in 2019 were motors and equipment, valued at US$20.17 billion, and other major imports were organic chemicals (US$8.39 billion) and fertilizers (US$1.67 billion). India’s main export commodities are iron ore, organic chemicals, cotton and diamond raw materials (there are no detailed breakdown data for 2020). In the past 12 months, in order to restore economic growth after the impact of the epidemic, China has increased investment in infrastructure, and domestic demand for iron ore has surged. In 2020, China's total iron ore imports will increase by 9.5%.

根据中国海关总署(GAC)的最新数据,2020年中印双边贸易额为876亿美元,同比下降5.6%,为2017年以来的最低水平。与此同时,作为两国重要摩擦源之一的中印贸易逆差降至458亿美元,为五年来最低点。

这主要是由于印度自华进口下降,2020年印度自华进口额为667亿美元,同比下降10.8%,是2016年以来的最低水平。与此同时,印度对华出口首次突破200亿美元大关,达208.6亿美元,同比增长16%,升至历史最高水平。

2019年印度最大的进口商品是电机和设备,价值201.7亿美元,其他主要进口商品是有机化学品(83.9亿美元)和化肥(16.7亿美元)。印度的主要出口商品是铁矿石、有机化学品、棉花和钻石原料(2020年尚无详细的分解数据)。在过去的12个月中,为恢复疫情冲击后的经济增长,中国加大基础设施投资力度,国内对铁矿石的需求激增。2020年,中国铁矿石进口总量增长9.5%。
 

rockdog

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China GDP on 2020 became 100 trillioin RMB, around 75% of USA by USD.

The Q1 to Q4 growth are shown as the image:

0120103508.jpg
 

MiG-29SMT

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China's Per GDP on 2020 purpasses Russia, Turkey, Malaysia, Mexico, Brazil those iconic nations in different regions.

View attachment 74139
unaccurate Map,
1611113834107.png


Mexico nominal GDP
The Gross Domestic Product per capita in Mexico was last recorded at 10275.63 US dollars in 2019. The GDP per Capita in Mexico is equivalent to 81 percent of the world's average. source: World Bank


now China

8130.00 USD

GDP per capita in China is expected to reach 8130.00 USD by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP per capita is projected to trend around 8840.00 USD in 2021 and 9020.00 USD in 2022, according to our econometric models.
1611113961056.png


source
.

16450.00 USD

GDP per capita PPP in China is expected to reach 16450.00 USD by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP per capita PPP is projected to trend around 17700.00 USD in 2021 and 18210.00 USD in 2022, according to our econometric models.
1611114049766.png



.

1611114119066.png





1611114179835.png


The Gross Domestic Product per capita in Russia was last recorded at 27043.90 US dollars in 2019, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Russia, when adjusted by Purchasing Power Parity is equivalent to 152 percent of the world's average. source: World Bank
 

rockdog

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unaccurate Map,
View attachment 74326

Mexico nominal GDP
The Gross Domestic Product per capita in Mexico was last recorded at 10275.63 US dollars in 2019. The GDP per Capita in Mexico is equivalent to 81 percent of the world's average. source: World Bank


now China

8130.00 USD

GDP per capita in China is expected to reach 8130.00 USD by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP per capita is projected to trend around 8840.00 USD in 2021 and 9020.00 USD in 2022, according to our econometric models.
View attachment 74327

source
.

16450.00 USD

GDP per capita PPP in China is expected to reach 16450.00 USD by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP per capita PPP is projected to trend around 17700.00 USD in 2021 and 18210.00 USD in 2022, according to our econometric models.
View attachment 74329


.

View attachment 74330




View attachment 74331

The Gross Domestic Product per capita in Russia was last recorded at 27043.90 US dollars in 2019, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Russia, when adjusted by Purchasing Power Parity is equivalent to 152 percent of the world's average. source: World Bank
IMF official data:

China per GDP: 11.71K
Mexico Per GDP: 8.4K


25230.png


-------------------

Acutally, China's per GDP reached 10KUSD by the end of 2019:

China’s per capita GDP crosses $10,000-mark for the first time


---------------------

China's own official data:

The National Bureau of Statistics released data on the 17th that my country's gross domestic product (GDP) in 2019 is close to the 100 trillion yuan mark. Based on the annual average exchange rate, the per capita GDP reached 10,276 U.S. dollars, a step up to 10,000 U.S. dollars.

 

MiG-29SMT

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IMF official data:

China per GDP: 11.71K
Mexico Per GDP: 8.4K


View attachment 74334

-------------------

Acutally, China's per GDP reached 10KUSD by the end of 2019:

China’s per capita GDP crosses $10,000-mark for the first time


---------------------

China's own official data:

The National Bureau of Statistics released data on the 17th that my country's gross domestic product (GDP) in 2019 is close to the 100 trillion yuan mark. Based on the annual average exchange rate, the per capita GDP reached 10,276 U.S. dollars, a step up to 10,000 U.S. dollars.

Mexico
2019
20,582.4


China
2019
16,829.9

Russian Federation
2019
29,181.4




Remember PPP dollars and a single source is estimations

China
GDP - per capita (PPP)
$8,041 (2019 est.)

$7,609 (2018 est.)

Mexico


GDP - per capita (PPP)
$10,275 (2019 est.)

$10,393 (2018 est.)

$10,287 (2017 est.)

note: data are in 2010 dollars
 

johnq

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E-commerce workers who kept China fed during the coronavirus pandemic, making their billionaire bosses even richer, are so unhappy with their pay and treatment that one just set himself on fire in protest. China's internet industries already were known for long, demanding days. With millions of families confined at home, demand surged and employees delivered tons of vegetables, rice, meat, diapers and other supplies, often aboard scooters that exposed them to sub-freezing winter cold. For white-collar workers in the technology industry, pay is better than in some industries but employees are often expected to work 12 hours a day or more.
https://timesofindia.indiatimes.com...overy-gains-momentum/articleshow/80321042.cms
The human cost caught public attention after the deaths of two employees from e-commerce platform Pinduoduo, known for selling fresh produce at low prices. Their deaths prompted suggestions they were overworked.
In an indication of high-level concern, the official Xinhua News Agency called for shorter work hours, describing long hours of overtime at the expense of employees health as an “illegal” operation. Renewed concerns over dire working conditions for delivery drivers also came to the forefront when a video circulated on Chinese social media showing what it said was a driver for Ele.me, part of e-commerce giant Alibaba Group, setting himself on fire to protest unpaid wages. The controversy is a blow to the image of internet industries that are transforming China's economy and generating new jobs. They have made some of the founders among the worlds wealthiest entrepreneurs. During the heights of the pandemic, the fortunes of the biggest, including Alibaba founder Jack Ma and Pinduoduo founder Colin Huang, swelled as online consumer spending boomed. In a video widely circulated on Chinese social media, 45-year-old delivery driver Liu Jin poured gasoline and set himself on fire outside a distribution station for Eleme in the eastern city of Taizhou, shouting that he wanted his money. Others snuffed the flames and rushed him to a hospital, where he is being treated for third-degree burns on his body.
https://timesofindia.indiatimes.com...o-border-infra-boost/articleshow/80309447.cms
Details of Liu's complaint could not be verified and Eleme did not immediately respond to a request for comment.
Separately, a 43-year-old delivery driver collapsed on the job and died last week while delivering food for Eleme.
The company said in a statement that it will give 600,000 yuan ($92,700) to the drivers family and raised its insurance coverage for drivers to that level.
Its statement said Eleme “had not done enough in terms of accidental death insurance, and needs to do more.”
The issue was highlighted again after a Pinduoduo employee surnamed Tan committed suicide after taking leave from the firm to return to his hometown, less than two weeks after a 22-year-old employee surnamed Zhang in Urumqi collapsed while walking home from work with colleagues, and later passed away.
Pinduoduo, China's third-largest e-commerce firm, released statements saying it was providing assistance and support to the families of the two employees who died. Shanghai authorities also are reviewing working hours, contracts and other conditions at the company.
The deaths raised an outcry on social media, with many people suspecting that they were a result of overwork. Chinese social media users blasted the country's technology sector, criticising not just Pinduoduo for a culture of long hours but pointing out that this was an industry-wide problem, with similar company cultures seen at most of China's large technology companies.
They also revived a national debate over the tech sector's so-called “996” working culture, in which employees often work from 9 am to 9 pm six days a week. Companies sometimes pay huge bonuses to some employees, enticing them to work more overtime.
“We must strive to succeed in pursuit of dreams, but the legitimate rights and interests of workers cannot be ignored or even violated,” said state-owned Xinhua News Agency in a post on microblogging site Weibo.
The issue has also cast a spotlight on the working conditions of delivery drivers, who are under heavy pressure to get orders to customers quickly and at times make less than 10 yuan ($1.55) per delivery. If they fail to meet deadlines, fines imposed can range from as little as 1 yuan ($0.15) to as much as 500 yuan ($77.30) if a customer lodges a complaint.
As part of the gig economy, such delivery workers often do not get the benefits provided to full-time employees, such as social or medical insurance.
Since there are many people willing to work under those conditions, it is hard for employees to negotiate better pay and conditions.
Last August, the All-China Federation of Trade Unions (ACFTU) — the only trade union allowed to legally exist in communist-ruled China — said that 6.5 million delivery workers had joined it since 2018.
However, the worker rights group China Labor Bulletin, which tracks labour relations in China, says little has been done to improve workers' ability to win better treatment from companies. The union provides only skills training, legal assistance and some medical benefits.
“Labour unions need to become more effective, otherwise labor laws cannot be enforced,” said Li Qiang, founder of China Labor Watch, another organization that monitors labor rights.
Under China's labor laws, workers and laborers should work no longer than eight hours a day, or more than 44 hours a week on average.

This is what I was referring to with regards to inequality in terms of wealth distribution. GDP per capita is calculated by dividing GDP by the total number of the population, but does not show wealth inequality because in reality, the wealth is not distributed equally. All the profits are kept by the Chinese Communist Party members who own the Chinese companies, while the workers are overworked and underpaid. This inequality will only get worse as regular workers in China are forced to take paycuts in order to remain competitive with slave labor from minorities like the Uyghurs who are forced to work for sustenance wages.
 

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China overtakes Germany with largest current account surplus-Ifo



BERLIN (Reuters) - Germany’s current account surplus shrank for the fifth year in a row in 2020 as China overtook Europe’s biggest economy during the COVID-19 pandemic to run the world’s largest current account surplus, a survey by the Ifo institute showed on Friday.

The data underlines a tectonic shift in world trade triggered by the coronavirus crisis as higher demand across the globe for medical protection gear and electronic devices boosted Chinese exports.

The Munich-based Ifo institute said China’s current account surplus, which measures the flow of goods, services and investments, more than doubled to $310 billion last year.

Germany’s current account surplus shrank to $261 billion in 2020 as demand for cars, machinery and equipment fell in many of its key export markets, the survey showed. Japan came in third with a current account surplus of $158 billion.


Measured in relation to economic output, however, Germany’s current account surplus remained unusually high at 6.9% last year, edging down only slightly from 7.1% in 2019.

Since 2011, Germany’s current account balance has been consistently above the European Union’s indicative threshold of 6%. The surplus hit a record high of 8.6% in 2015.

By comparison, China’s current account surplus last year stood at 2.1% and Japan’s at 3.2%, according to the survey.

The United States remained the country with the world’s largest current account deficit which rose roughly by a third to $635 billion in 2020 or 3.1% of economic output, it showed.


This suggests that former U.S. President Donald Trump failed to push down the trade deficit despite his ‘America First’ agenda of protecting industrial jobs by increasing import tariffs on foreign goods.

Ifo economist Christian Grimme said pandemic-related restrictions on travel and tourism pushed Germany’s traditionally high deficit in services to a record low.

“In the past year, Germans took a lot less vacation abroad due to the coronavirus,” Grimme said. As a result, they spent significantly less money in other countries like Spain, Italy or Greece.
 

rockdog

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MiG-29SMT

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China's economy grows 2.3% in 2020 as recovery quickens


Hong Kong (CNN Business)China's economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic.

The world's second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday.

It's China's slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult.

But during a year when a crippling pandemic plunged major world economies into recession, China has clearly come out on top. The expansion also beat expectations. The International Monetary Fund, for example, predicted that China's economy would grow 1.9% in 2020. It's the only major world economy the IMF expected to grow at all.

The pace of the recovery appears to be accelerating, too: GDP grew 6.5% compared to a year ago, faster than the third quarter's 4.9% growth.

"The performance was better than we had expected," said Ning Jizhe, a spokesman for China's National Bureau of Statistics, at a press conference in Beijing.

The country scrapped its growth target last year for the first time in decades as the pandemic dealt a historic blow to the economy. GDP shrank nearly 7% in the first quarter as large swaths of the country were placed on lockdown to contain the spread of the virus.

Since then, though, the government has attempted to spur growth through major infrastructure projects and by offering cash handouts to stimulate spending among citizens.

Industrial production was a particularly big driver of growth, jumping 7.3% in December from a year earlier.
"In and out of lockdown ahead of everybody else, the Chinese economy powered ahead while much of the world was struggling to maintain balance," wrote Frederic Neumann, co-head of Asian economics research at HSBC, in a Monday research report.

This has "put a floor under growth" in other regional markets, he added. Surging Chinese investment in infrastructure and property, for example, has been a boon to countries like Australia, South Korea and Japan that exported supplies to China.

Trade has also been strong. China's overall surplus for the year hit a record $535 billion, up 27% from 2019, according to statistics released last Friday. Analysts pointed out that the country benefited from a lot of demand for protective gear and electronics as people around the world worked from home.

Chinese markets reversed opening losses Monday to rise following the announcement. The Shanghai Composite (SHCOMP) gained 0.8%, while the Shenzhen Component Index — a benchmark for the city's tech-heavy exchange — rose 1.6%. Hong Kong's Hang Seng Index (HSI) increased 1%.

There are still some weak spots, though. Retail sales lost a little steam in December, rising 4.6% compared to November's 5%. For the entire year, retail sales slumped 3.9%. Ning, the National Bureau of Statistics spokesperson, blamed the waning sales on a resurgence of coronavirus in some places.

The "sporadic" cases in China "will bring uncertainty to [our] economic recovery," he added.
Even so, Ning said the country believes the pandemic is under control, and said authorities expect people to spend more money this year.

Analysts from Capital Economics, meanwhile, believe the outlook is "bright" in the near term.
"Despite the latest dip in retail sales, we see plenty of upside to consumption as households run down the excess savings they accumulated last year," wrote Julian Evans-Pritchard, senior China economist for Capital Economics, in a Monday note. "Meanwhile, the tailwinds from last year's stimulus should keep industry and construction strong for a while longer."
China`s growth is not like you present 2% of USD $8000 or $10000 nominal per capita GDP is an average of USD $160 to USD $200 growth per person, while the american GDP is around USD $60,000 per person nominal GDP, so it means 1% is USD $600 dollars 2 percent is USD $1200 dollars.

The reality is the american economy grows faster per capita than the Chinese.

The only economy that is comparable to China is Mexico, with a per capita of USD $10000 dollars.

The Mexican economy then is growing indeed slower than China, but economies where the per capita is above USD $40000 the per capita grows in reality faster than China.

What is possible is China might surpass Mexico, but since Mexico is a developing economy, the likelihood that China does it at the long run is small since once the USA grows it pulls Mexico and Mexico can grow at 3% easily.

Another factor is PPP GDP, China has 10 times the population of Mexico and only 3 times a larger land mass.

So population density is 3 times of Mexico what makes life relatively Cheaper in Mexico, so I expect China remain at the most slightly ahead of Mexico in the best case scenario and it is unlikely it might surpass Russia in PPP GDP per capita since Russia has higher standars of living than China.

But still far far behind the USA
 
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rockdog

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China Passes U.S. As No. 1 Destination For Foreign Investment As Coronavirus Upends Global Economy


As the world struggled to contain the coronavirus crisis, foreign direct investment in the United States plummeted 49% in 2020 while investment in China rose 4%, making China the largest recipient of foreign inflows for the first time, according to a report released Sunday by the United Nations Conference on Trade and Development.
 

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BREAKING : Philippine Cancelled Award For China Communications' $10 billion Sangley Airport Deal : Avoided Debt Trap Diplomacy

#ChineseDebtTrapDiplomacy #Philippines #SangleyAirport #BreakingNews
 

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