China's 2019 GDP was $14.34 trillion

[Mista]

I know you're a clone of Lux de Veritas and Yingluck who got banned. Your post history and language used are exactly the same. You're a false-flagger Singaporean who's pro-communist and a Chinese race chauvinist who look at Mao's China for inspiration.

Thank God that Lee Kuan Yew destroyed your political faction back in the 1960s and we have today's Singapore, or we could've been a Cambodia or Laos. And fortunately Deng was pragmatic and abandoned Communism and embrace market reforms after visiting Singapore.

https://defence.pk/pdf/threads/mala...-to-learn-chinese.582811/page-3#post-10881185

Proof:

The Islamo Malay next door even keep cursing Chinese despite Chinese are the most model migrant in the whole world.

There is a tendency to blame "both side" and downplay the fact that the whole racial problem of Malaysia is because Malay like to masturbate and enjoy orgasm of doing Allah's work, when they shit on minorities.

Kuan Yew is a mofos that now dancing with Satan.

Kuan Yew has tried his luck as a petty Sheikh in Islamo land when we joined Malaysia in 1963 - 1965. He basically run Singapore into shit land of racial warfare.

Kuan Yew want to make a shit hole out of Singapore.

Malay Islamo gets along with nobody, not even their own Malay dayaks and their own Malay Shia.

They keep shitting on Shia. Reason very simple, Malay Islamo are greedy and want do God bidding to get blessing. The easiest way to please God is to accuse other Muslim, including Shia and Ahmadia as piece of shit, so that Malay can shit on them. By doing these Malay feel that they are doing Allah work on earth.

/

I am a socialist and admirer of Lenin Stalin Marx castro che Uncle Ho and Mao. Marx will be vindicated and Kuan Yew-ism soon be in shyt pile.

Too bad for you that LKY encouraged Deng to move China into the free market when he visited Singapore in 1978. Otherwise you could've witness what kind of Communist utopia China is today, instead of being the 2nd largest economic power and lifting hundreds of millions of people out of poverty.

Singapore was a victim of malay islamofascism in 1964. That time Kuan yew blame UMNO leaders. UMNO leader say Kuan Yew enemy of Islam.

Today everyone in Singapore think Chinese racist, because of Sado-masochism Peranakan race traitor, conditioning Singaporean Chinese to self-blame.

Stop the insults. I am watching @Yingluck very closely as he seems to be quite the stirrer here.

Other than me, no one dares to expose the atrocious nature of Malay Muslims -- in this Pakistan website.

In 1964, they come Singapore and stir, call every of PAP leaders anti Islam, deliberating asking for blood shed.

A lot here just want to see Chinese as evil people, and Islam as meek victim.

Too many Chinese race traitor wanting the death of oversea Chinese by implying Malay Nazi is everything good.

When Kuan Yew shout Malaysian Malaysia, Malay and Chinese race traitor say Chinese should suck up Malay.
That includes many PDF China nationals.

Malay Islamofascist make loser Kuan Yew cry...

Malay leaders love the orgasm of racial riot. In 1964, Syed Albar come Singapore, shout allah hu akbar and say PAP and Kuan Yew anti Islam.

Malay get sexually arouse and start killing people.

Malay are simply nutcase and loser, waiting for the "allah hu akbar" trigger to run amok. They then justify murder as a way of love of Allah.

Then the blame on Chinese.

Oya ..... Kuan Yew is a victim of never ending "Allah hu Akbar" troll. hahaha

Everyone under the sun is anti Islam and anti Malay extremist, including Malay themselves, so long one advocate virtue.

https://defence.pk/pdf/threads/mala...-to-learn-chinese.582811/page-3#post-10881185

/

Singaporean minorities hold appalling level of hatred against Chinese -- and perhaps the entire world.

Many Indians cursed Singaporean Chinese.

Singapore Malay put Islam and terrorism before state.

Everyone else admitted guilt and remorse after being caught desecrating Singapore flag, other than Indians.

Indians screamed Singaporean Chinese racists are targeting Indians.

Singapore Malay in business of terror and killing Muslims in Syria, despite receiving absolutely no injuries.

Some also plan to kill lots of Singaporeans.

Chinese are racists is the only politically correct thing in Singapore, not Malay racists or Indian racists.

Many Malays girl already participating love jihad in Syria, as GoS accusing Chinese being racists.

Also Indians are bringing caste system to Singapore and now Singaporean Chinese are lowest caste.

Malays are world biggest hate mongers and racists, in addition chutzpah for pointing fingers on others, including India, Myanmar, Singapore, China...etc.

Many Malays spoke on behalf of Allah and prophet, as if they are their reincarnate. Insulting Malays means insulting Islam.

https://defence.pk/pdf/threads/fault-lines-of-singapore-is-color-revolution-looming.649092/page-3

Look at how this new 'Vietnamese' poster is so interested in Singapore, with 80% of his post on spreading racial hatred here lmao.

@waz

 

[Song Hong]

Are you a crackpot?

https://defence.pk/pdf/threads/mala...-to-learn-chinese.582811/page-3#post-10881185

 

[Globenim]

https://www.reuters.com/article/us-...e-unreliable-top-leader-idUSTRE6B527D20101206

Even Li Keqiang doesn’t believe the numbers from his own country.

So Li pointed at more accurate indicators, that have beenin fact looking even better than plain GDP numbers for China and are also favoured by many other economists over GDP in any country and U.S. regime mouthpieces just imply he is saying the exact opposite of what he did and exclusively about China, omitting what those indicators actually tell and placing words into his mouth he clearly never remotely said.

Its hillarious how U.S. regime propaganda keeps its population ignorant and dumb, while flooding it with so much useless, false and misleading "information" these sheep still think they are actually better off than others.

 

[Paul2]

At the moment only China's consumption market can grow meaningfully to boost domestic and global growth, with the scale and potential.

The US and the EU have a larger consumption market but they already are a high mature market.

Other economies are too small to make a difference in the near future.

Household final consumption expenditure (HFCE) by country:
View attachment 600348

https://en.wikipedia.org/wiki/List_of_largest_consumer_markets

If you been to China as of recently, you wouldn't think so.

How to say, I'd say the problem China got is that: China got too expensive, before it got rich.

China's middle class is huge, but it's not gonna grow, and I think it has already peaked.

Most of the middle class today, are the people who were witty enough to jump on the manufacturing/real estate/infrastructure train back in nineties. These three booms have passed, and there is nothing like that on the horizon.

Yes, rural revitalisation, and education will uplift few remaining percents of salvageable workforce in rural areas to the middle class. Urban renewal will add few percents more, but I see the middle-class numbers stable for the next decade.

 

[Mista]

If you been to China as of recently, you wouldn't think so.

How to say, I'd say the problem China got is that: China got too expensive, before it got rich.

China's middle class is huge, but it's not gonna grow, and I think it has already peaked.

Most of the middle class today, are the people who were witty enough to jump on the manufacturing/real estate/infrastructure train back in nineties. These three booms have passed, and there is nothing like that on the horizon.

Yes, rural revitalisation, and education will uplift few remaining percents of salvageable workforce in rural areas to the middle class. Urban renewal will add few percents more, but I see the middle-class numbers stable for the next decade.

IMO the greatest stumbling block to China's consumption growth in the long term is the high property prices in the more developed cities (other than the population issue), which takes away a significant fraction of the average Chinese purchasing power.

I took a look at the prices in the 1st and 2nd tier cities as well as their respective income levels. I did a quick math for housing affordability and the numbers look very distorted for most cities.

But for the short to medium term, I'm still fairly optimistic. China's consumption per capita is still low and there's still a lot of room to grow. Until around 2030 maybe. China's population will start to decline around that period which will put a downward pressure on consumption growth, like Japan.

But mind you, even a demographically shrinking Japan is still the 3rd largest economy and the 3rd largest consumer market today.

 

[Paul2]

IMO the greatest stumbling block to China's consumption growth in the long term is the high property prices in the more developed cities (other than the population issue).

I took a look at the prices in the 1st and 2nd tier cities as well as their respective income levels. I did a quick math for housing affordability and the numbers look very distorted for most cities.

But for the short to medium term, I'm still fairly optimistic. China's consumption per capita is still low and there's still a lot of room to grow.

Lots of room? Where?

Most of people who are not in the middle class, can't make the transition not because they don't have money for that, but because there are no longer functioning social lifts like easier manufacturing or construction jobs left.

Two decades ago any farm boy could've moved to a boom town like Guangzhou of Shenzhen, and reach the needed income and skill level to keep himself afloat within months. His future would be secured.

Now, nobody will hire a yesterday's farmer when there are much better alternatives. Yes, a farmer will still be 2-4 times cheaper than a professional, but we no longer can make money by making things that farmer can assemble.

China used to be a near global monopolist on rubber sandals. Now, China imports most of them from Vietnam...


As for growth of existing middle-class spending. This is even less likely. A family with CNY 40-50k income per month already have more things than even people in America.

People who earn six digit annual incomes in USA and can afford live like that only make a last percentile there, in China it would not be a stretch to say the same is true for the top 5-7% of the workforce — few times larger.

And people who are just well off make three deciles of the workforce, are not far away too. CNY 25k per month households are approaching their spending peaks. After their kids graduate, they will stop spending, waiting for grandkids.

At CNY 25k per month is I think the qualitative cutoff for what is the urban working class, and almost nobody in it have problem with housing. They either bought long before price skyrocketed, or they live in a very high quality, long term rental, or they took a huge mortgage. But anyways, there will be no moves on this front.

 

[ILC]

At the moment only China's consumption market can grow meaningfully to boost domestic and global growth, with the scale and potential.

The US and the EU have a larger consumption market but they already are a high mature market.

Other economies are too small to make a difference in the near future.

Household final consumption expenditure (HFCE) by country:
View attachment 600348

https://en.wikipedia.org/wiki/List_of_largest_consumer_markets

How is that Chinese consumption on this graph is lower than Chinese retail sales?

 

[Mista]

Lots of room? Where?

Most of people who are not in the middle class, can't make the transition not because they don't have money for that, but because there are no longer functioning social lifts like easier manufacturing or construction jobs left.

Two decades ago any farm boy could've moved to a boom town like Guangzhou of Shenzhen, and reach the needed income and skill level to keep himself afloat within months. His future would be secured.

Now, nobody will hire a yesterday's farmer when there are much better alternatives. Yes, a farmer will still be 2-4 times cheaper than a professional, but we no longer can make money by making things that farmer can assemble.

China used to be a near global monopolist on rubber sandals. Now, China imports most of them from Vietnam...


As for growth of existing middle-class spending. This is even less likely. A family with CNY 40-50k income per month already have more things than even people in America.

People who earn six digit annual incomes in USA and can afford live like that only make a last percentile there, in China it would not be a stretch to say the same is true for the top 5-7% of the workforce — few times larger.

And people who are just well off make three deciles of the workforce, are not far away too. CNY 25k per month households are approaching their spending peaks. After their kids graduate, they will stop spending, waiting for grandkids.

At CNY 25k per month is I think the qualitative cutoff for what is the urban working class, and almost nobody in it have problem with housing. They either bought long before price skyrocketed, or they live in a very high quality, long term rental, or they took a huge mortgage. But anyways, there will be no moves on this front.

The average income (even the top 20%) in China is still relatively low, and thus there are rooms for improvement. The consumption growth I'm talking about comes from this huge middle class group whose earning potential in still untapped.

The examples you cited (CNY400-600K annual household income) make up a very small percentage of the population. Not sure why you brought it up in the first place, since this group of household's earning potential is basically realized and any future consumption growth from them will be tepid like in other developed countries. It's a mature swan.

How is that Chinese consumption on this graph is lower than Chinese retail sales?

View attachment 600594

Retail sales =/= Household consumption.

However, retail sales are not a good proxy for private consumption for two reasons. First, as noted in a previous post, retail sales data include purchases by the government and other public agencies. Second, a large and growing share of private consumption expenditure is on services, which are not covered in retail sales data.

https://www.piie.com/blogs/china-ec...ot-reliable-indicator-consumption-expenditure

(wow I just realized Beijing/Shanghai's retail sales/household consumption is higher than many provinces.)

http://www.stats.gov.cn/tjsj/ndsj/2018/indexeh.htm

 

[aziqbal]

well done China but sad to see that China did not break the 100 million Yuan mark

99 is still good enough thought

so what is USA GDP?

 

[F-22Raptor]

well done China but sad to see that China did not break the 100 million Yuan mark

99 is still good enough thought

so what is USA GDP?

It will likely be just shy of $22 trillion.

 

[Paul2]

The average income (even the top 20%) in China is still relatively low, and thus there are rooms for improvement. The consumption growth I'm talking about comes from this huge middle class group whose earning potential in still untapped.

The thing is the cutoff in between labourers, regular workers, and professional workforce is very steep.

Yes, few years of growth will add few extra percents to urban incomes, and the some social mobility will still be there, but nothing like we saw even 5 years ago.

Most of income rise China saw over the last 2 decades was due to social and class mobility, and not productivity rise.

Look at other more well off ASEAN nations, and how they fared in nineties. A very similar model. Income distribution quickly reaching "thermodynamic equilibrium." Some form of tertiary education is much more easily available all across the region than in the West, and we simply have way more people than in the West to push incomes of mid-tier professionals.

 

[Han Patriot]

No nid to share. Just pls tell me what is the living cos exactly in CN big cities ( Shang hai,Beijing

It will likely be just shy of $22 trillion.

22 trillion worth of paper pushing economy sustained through dollar hegemony enforced by the US military right?

 

[ILC]

@Mista
Do you know when we can expect data for the 2018 year? I wonder how the consumption changed.

 

[Mista]

@Mista
Do you know when we can expect data for the 2018 year? I wonder how the consumption changed.

It's out. I used figures from 2017 in my previous post because my original post you quoted cited 2017 figures.

http://www.stats.gov.cn/tjsj/ndsj/2019/indexeh.htm

 

[ChineseTiger1986]

well done China but sad to see that China did not break the 100 million Yuan mark

99 is still good enough thought

so what is USA GDP?

$21.44 trillion in 2019

https://www.investopedia.com/insights/worlds-top-economies/