China’s GDP per capita reaches $12,551 in 2021, overtaking global average GDP per capita: official

[beijingwalker]

China’s GDP per capita reaches $12,551 in 2021, overtaking global average GDP per capita: official
By Global Times

Published: Jan 17, 2022 11:03 AM

In 2021, China's GDP per capita was around $12,551, according to the NBS, nearing that of a "high-income country" as defined by the World Bank and overtaking the global average GDP per capita: official

China’s GDP per capita reaches $12,551 in 2021, overtaking global average GDP per capita: official - Global Times

www.globaltimes.cn

 

[retaxis]

It wasn't that long ago that India gdp per capita was similar to Chinas. They spent all that time bragging about shining India while in truth slumistan got overtaken and circles ran around them since then.

 

[FuturePAF]

It wasn't that long ago that India gdp per capita was similar to Chinas. They spent all that time bragging about shining India while in truth slumistan got overtaken and circles ran around them since then.

India squandered much of the last 30 years, since Manmohan Singh’s reforms as Finance minister, now India has only 20 years ahead of it before it squanders its demographic dividend.

In Modi’s 2014 Speech in New York he pointed to Democracy, Demographic Dividend and Demand as India’s key advantages. The last few years have laid bare that he has undermined democracy, squandered the dividend and failed to harness the demand. The Indian elite are seeing the writing on the wall and fleeing the country.

Pakistan isn’t doing much better, but it has an extra 10-15 years on its demographic dividend.

 

[beijingwalker]

Since South Korea and Singapore still hold ‘’developing country" status, maybe China can also keep this title for some time.

 

[silverox]

But my salary hasn't increased for several years, and many bonuses are not allowed to be paid this year

 

[beijingwalker]

17.3 trillion USD was based on 2020's exchange rate. Based on the current exchange rate, 114.367 trillion RMB / 6.35 USD/RMB, China's GDP should be 18 trillion US dollars.
Per capita GDP should be 12,857 USD.

 

[FuturePAF]

17.3 trillion USD was based on 2020's exchange rate. Based on the current exchange rate, 114.367 trillion RMB / 6.35 USD/RMB, China's GDP should be 18 trillion US dollars.
Per capita GDP should be 12,857 USD.

What would you say it is, per capita, on a PPP basis? As China gets richer the difference between nominal and PPP should close more and more as things costs such as labor rise, presumably.

 

[beijingwalker]

What would you say it is, per capita, on a PPP basis?

Nominal GDP, PPP China's lead is too huge, it's not fun to talk about PPP now.

 

[Maira La]

And Slumdia's is not even close to $2551 yet.

 

[FairAndUnbiased]

What would you say it is, per capita, on a PPP basis? As China gets richer the difference between nominal and PPP should close more and more as things costs such as labor rise, presumably.

PPP is useless because it is whatever the measurer want it to be with arbitrary weighting of prices. Also the difference between nominal and PPP may not necessarily change if higher efficiency keeps prices down.

I'll just put it here though: the claimed nominal to PPP ratio for China is 0.54.

Countries ranked by Price level ratio of PPP conversion factor (GDP) to market exchange rate

www.indexmundi.com

 

[FuturePAF]

PPP is useless because it is whatever the measurer want it to be with arbitrary weighting of prices. Also the difference between nominal and PPP may not necessarily change if higher efficiency keeps prices down.

I'll just put it here though: the claimed nominal to PPP ratio for China is 0.54.

Countries ranked by Price level ratio of PPP conversion factor (GDP) to market exchange rate

www.indexmundi.com

I’m trying to understand their standard of living in comparison to the US and want to see how differently Chinese live as their incomes increase.

Nominal GDP, PPP China's lead is too huge, it's not fun to talk about PPP now.

PPP to understand the Chinese standard of living. But it’s good the shift has happened to focus on nominal GDP

 

[beijingwalker]

PPP to understand the Chinese standard of living. But it’s good the shift has happened to focus on nominal GDP

It was not shifted, it was never on it in China.

 

[MH.Yang]

What would you say it is, per capita, on a PPP basis? As China gets richer the difference between nominal and PPP should close more and more as things costs such as labor rise, presumably.

Every country which The per capita GDP rose from US $10k to US $20k. They are all accompanied by currency appreciation at that stage. This is because their industry is upgrading. The industrial upgrading was successful, the currency appreciated, and the per capita GDP reached US $20k. Industrial upgrading failed and fell into the middle-income trap.

 

[tower9]

It wasn't that long ago that India gdp per capita was similar to Chinas. They spent all that time bragging about shining India while in truth slumistan got overtaken and circles ran around them since then.

I remember Shashi Tharoor bragging a decade ago that China can be the worlds factory but India will be the worlds laboratory. What a delusional dope.

 

[FairAndUnbiased]

I’m trying to understand their standard of living in comparison to the US and want to see how differently Chinese live as their incomes increase.

PPP to understand the Chinese standard of living. But it’s good the shift has happened to focus on nominal GDP

China already has the world's largest retail market.

the real thing to notice is this: there are very few countries in the 10k to 20k bracket.

List of countries by GDP (nominal) per capita - Wikipedia

en.wikipedia.org

At 10k (Kazakhstan) it is rank 86, but at 20k (Slovakia) it is 59. So a 27 rank difference is an improvement of 2x in the 10k to 20k bracket.

But from 5k to 10k, it is going from Kosovo at rank 122 to Kazakhstan at rank 86. That's a rank difference of 36 for a difference of 2x.

Going from 2.5k to 5k, it is going from Congo at rank 160 to Kosovo at rank 122. That's a rank difference of 38 for another difference of 2x.

This shows that improving GDP per capita rank in the 10k to 20k is much harder than below 10k. It also shows that the vast majority of countries on this planet are poor.