The GDP of Guangdong is richer than Russia and South Korea!The largest province in China’s economy for 32 consecutive years | Blog Post
fter the New Year, the GDP figures of various parts of China were released. Guangdong Province’s GDP in 2020 was 11.1 trillion yuan, a year-on-year increase of 2.3%, ranking first in the country for 32 consecutive years.
Guangdong is a rich and adversary country. Its economic aggregate surpasses more than 90% of the countries in the world, surpasses Russia and South Korea, and far surpasses Spain, Australia, the Netherlands and other countries. Right after Canada.
GDP comparison of Guangdong and other countries in the world.National Economics Picture
Calculated based on the 6.8974 average central parity rate of the RMB exchange rate in 2020, Guangdong’s GDP in 2020 is approximately US$1.61 trillion. According to the latest exchange rate in 2021, Guangdong’s GDP is approximately US$1.71 trillion.
In 2019, Canada’s GDP was US$1.73 trillion, Russia’s GDP was US$1.69 trillion, and South Korea’s GDP was US$1.64 trillion.
The GDP of European and American countries in 2020 has not yet been announced, but these countries generally have negative growth. Russia’s GDP is expected to fall by more than 4%, and with exchange rate changes, there is a high probability that it will fall to US$1.6 trillion.
The central government has a vertical team for statistics ., it normally revised those overestimated data by local government.China has many great ways and tools to Boost GDP which obviously the other countries in the world do not have.
Local governments inflated China’s GDP by $900 billion last year—and that’s not going to stop soon
He’s producing a lot more on paper.
FROM OUR OBSESSION
BeijingJuly 11, 2013This article is more than 2 years old.
Chinese president Xi Jinping recently said that the government would stop tying promotions of local government officials to GDP performance alone. This is important because local leaders under pressure to produce high economic output are much more prone to spending wastefully and in ways that harm the environment.
Although this was hailed as a big breakthrough when Xi made the pronouncement, the last government made similar promises. Here’s a look at how effective those were:
Local governments reported a combined $9.4 trillion in economic output in 2012—11.1% higher than the central government’s final GDP calculation. And their noses have only gotten longer in recent years. Back in 2009, local government GDP inflation was only 8.0% higher than the $5.5 trillion the central government reported.
This isn’t just bureaucratic farce (though it is that too). Layers of inflated economic growth from the local level could be understating how sharp China’s slowdown actually is. National Business Daily reports that when the National Bureau of Statistics began doing spot-checks on industrial companies in Zhongshan, a city in Guangdong, it found that the local government reported a combined 85 billion yuan in output for 71 of its companies, just a bit higher than the 2.2 billion yuan they actually generated (link in Chinese). It’s hard to believe the central government statisticians would be able to filter out such an extreme degree of exaggeration when totting up their own GDP calculations. Distortions like that could be misleading central government economic planners, and as the recent interbank loan spikes hinted, that can lead to big policy missteps.
All things considered, though, inflating data is probably the least harmful outcomes of the Chinese Communist Party’s emphasis on GDP performance. In fact, it’s a lot better than relying on credit to stimulate the economy.
Unfortunately, just because Xi hints it’s safe for local officials to come clean about lousy economic output doesn’t mean they will—or that they’ll cut back on their credit habit.
Many poorer provinces don’t have a lot of options at their disposal. Particularly in the central provinces, foreign investment and domestic consumption simply aren’t enough to buoy growth (link in Chinese). As a provincial deputy governor told NBD about the need for local government to keep investing, “The central government sets the target at 7-8%, and since we’re not a province with a strong economy, our target has to exceed 10%. And with the not-so-great economic situation, surpassing that target is now more urgent.”
Even if the central government catches all that fibbing, it’s counting the credit-bingeing. That’s a good thing to keep in mind on July 15, when China announces its Q2 GDP.
Quartz is a guide to the new global economy for people in business who are excited by change. We cover business, economics, markets, finance, technology, science, design, and fashion.qz.com
Yet the article says that it is unlikely to stop in near future. Manipulation, stealing etc is a national trait of China and Chinese.The central government has a vertical team for statistics ., it normally revised those overestimated data by local government.
I always like use Car Sales and Luxuries as indicators of real GDP... This market is the biggest equal to EU+USA. This represent strong mid class with enough income and confidence to consume.
As Luxury Markets in the West Contract, the Chinese Sector Is Expected to Grow by 30% This Year
The prediction stands in contrast to worldwide spending in the sector, which is expected to contract by 45 percent.robbreport.com
China’s luxury vehicle sales in the first 11 months exceeded 3 million units, a year-on-year increase of 9.3 percent, according to data from the China Automobile Dealers Association.
I personally think China is underestiamte the GDP, while India is overstated.
India Has Been Accused of Overstating Its Growth Statistics
Is China's GDP overestimated or underestimated?
The best way to hit dragon hard is to take away all the business from Paper Dragon. In current situation when china is getting more and more unpopular, we have a great chance to emerge as a substitute of China. We should be proactive and come out with a comprehensive investment friendly policy help big companies to shift their production to India. India is a great innovation hub. All the companies who wants to Invest in India will not only get manufacturing, cheap labor advantage but get a huge skilled manpower for product development and innovation.BREAKING : Apple Increasing Production of iPad And iPhone Out of China in Vietnam And India
#Apple #iPad #iPhone #Vietnam #India #BreakingNews
When India is creating new records in agriculture production, china and many other countries are facing food crisis. Interest development. Our development is all round. We are producing more fruits, more vegetable and more food grains and spices. Other countries are facing food problem. Your basics should be right first of all.Chinese youth voice their anger at govt as inflation, inequality soars: Report
According to E-House Real Estate Research Institute, China's housing price-to-income reached a 20-year high of 9.2 last year, which means that the average house price is over nine times the average income per household. This is happening despite repeated assurances from authorities that they would stabilise a price boom that started in 2008.
On the other hand, food prices had risen 1.2 per cent last year, with the cost of fresh meat increasing 7.1 per cent and the price of pork up 49.7 per cent, according to the National Bureau of Statistics (NBS).
Vegetable prices also rose dramatically in January, with green peppers, wax gourd and cabbage increasing by more than 30 per cent, informed the Ministry of Agriculture.
Meanwhile, public anger intensified on social media when central bank vice-governor Chen Yulu said that inflation is likely to see a "moderate growth" this year, wrote Zhou for SCMP.
"Moderate growth? So we are the boiled frogs, and you just keep heating!" said one person on Weibo.
China was the only major economy to post positive growth last year, following a quick from the COVID-19 pandemic.www.hindustantimes.com
|Thread starter||Similar threads||Forum||Replies||Date|
|India vs China: Economy||Economy & Infrastructure||6|
|India will lose geopolitical battles against China with a weak economy||Opinion & Analysis||8|
|China's economy rises to surpass the eurozone's economy||Indo Pacific & East Asia||0|
|Bloomberg: China's Economy to Overtake Euro Zone This Year||China||12|