China's GDP was 17.7 trillion USD in 2021

[FairAndUnbiased]

I think the most important factor is that China's purchasing power as a local currency is now at the level of 30 trillion dollars. In other words, the total purchasing power of the Chinese people is more than is thought.

we don't want to fool ourselves into thinking we're bigger than we are. No need to pull these games, only people and countries with nothing going for them in reality need to play games with definitions and words. at most we can say that in terms of creation of products and consumer services, China is leading.

There may be many categories where China is far behind and will never be able to compete with certain galactic advanced economies, such as personal tax accountants, diversity officers, various types of lawyers, healthcare administration, education administration, etc. It is very unfortunate that these brilliant new industries are nowhere to be found in China.

 

[tower9]

Yes, its only a matter of time.

But thats not the point, the most important thing with this achievement.

China now officially categorized as High-income country, they already success to escape from the so called “middle-income trap” that many countries become victim

https://twitter.com/x/status/1482970997943062528

https://twitter.com/x/status/1482968996424994816

That categorization is a bit outdated. I personally don't think China can really be considered a high income country until it passes $30,000.

 

[Song Hong]

China long surpassed US in manufacturing (Industrial output). The US service industries consist of prison, healthcare (medical cartel), finance (TBTF banks), legal (vulture lawyers)..etc

A lot of China manufacturing profits are siphon by foreigners through all these (white glove)....., and also through some legal FDI This is partly the reasons Chinese are not feeling very high material well being, but there are good points of the siphoning also.

This is exactly also the reason of China US entanglement that impede US elites from starting a shooting war with China,

 

[MH.Yang]

That categorization is a bit outdated. I personally don't think China can really be considered a high income country until it passes $30,000.

Only when all countries with a per capita GDP higher than China become developed countries can we recognize China as a developed country.

 

[Song Hong]

The Chinese PDFs follows the ambiguity of the Chinese state, while cheering China being 2nd most advance in technology, are adamant that China is not a develop nation.

Nevertheless the top Chinese cities Beijing, Shanghai, Shenzhen is having the material well being of world top cities. The entire nations is being drag down by village. The situation can be improve overnight if Chinese state doll out agri subsidies as generous as France.

 

[tower9]

Only when all countries with a per capita GDP higher than China become developed countries can we recognize China as a developed country.

Exactly. Right now you still have countries like Chile or Hungary which are higher than China in GDP per capita but I would really just consider them semi-developed, more mid-tier countries. Definitely more like higher middle income countries rather than high income countries.

When China gets to the levels of Italy and South Korea, then I would consider China a developed country on a per capita basis, although many Chinese regions have already attained that level but not the country as a whole.

 

[MH.Yang]

Exactly. Right now you still have countries like Chile or Hungary which are higher than China in GDP per capita but I would really just consider them semi-developed, more mid-tier countries. Definitely more like higher middle income countries rather than high income countries.

When China gets to the levels of Italy and South Korea, then I would consider China a developed country on a per capita basis, although many Chinese regions have already attained that level but not the country as a whole.

Don't forget Brunei, Qatar, Saudi Arabia. If none of the three countries recognize them as developed countries, why should China recognize that?

 

[retaxis]

China should and will milk the developing country status as long as it can

 

[tower9]

Don't forget Brunei, Qatar, Saudi Arabia. If none of the three countries recognize them as developed countries, why should China recognize that?

I think those countries do get recognized as developed countries because they have high standards of living. But socially and economically they are not on the tier of industrialized nations such as Japan or the US because their wealth is primarily based on the extraction of resources and socially they are still very conservative and rank lower on a lot of measures of development.

China is the greatest industrial nation on earth. But at this point, I consider it a middle income country but one with great potential to completely dominate global industry and technology.

The Chinese PDFs follows the ambiguity of the Chinese state, while cheering China being 2nd most advance in technology, are adamant that China is not a develop nation.

Nevertheless the top Chinese cities Beijing, Shanghai, Shenzhen is having the material well being of world top cities. The entire nations is being drag down by village. The situation can be improve overnight if Chinese state doll out agri subsidies as generous as France.

There is no contradiction here. If China was a country of 150 million and mainly made up of the Tier 1 and Tier 2 countries, it would already be a developed nation. But it is a massive continental sized country of 1.4 billion and many rural areas are still much less developed even though desperate poverty has been eliminated. So when you consider all averages, China is a middle income country and still developing.

 

[xuxu1457]

south Korea had developed country status in 2021， even GDP per 30000$

UNCTAD classifies S. Korea as developed economy

This is the first time the UN agency has upgraded a member state’s development status since its establishment in 1964

english.hani.co.kr

Singapore still has the status of a developing country.

 

[Stranagor]

China's resident nominal disposable income up 9.1% in 2021

Xinhua · china.org.cn | January 18, 2022

China's per capita disposable income stood at 35,128 yuan ($5,523) in 2021, up 9.1% year on year in nominal terms.

http://t.m.china.org.cn/convert/c_kS4PUGXz.html

 

[nang2]

we don't want to fool ourselves into thinking we're bigger than we are. No need to pull these games, only people and countries with nothing going for them in reality need to play games with definitions and words. at most we can say that in terms of creation of products and consumer services, China is leading.

There may be many categories where China is far behind and will never be able to compete with certain galactic advanced economies, such as personal tax accountants, diversity officers, various types of lawyers, healthcare administration, education administration, etc. It is very unfortunate that these brilliant new industries are nowhere to be found in China.

China may sooner be able to compete with certain galactic advanced economies than you think. For example, based on my brother's account, who is a high salary earner in China, his tax return is getting more and more complex. I would say, other than lawyers, China is picking up the rest with an alarming rate.

There is no "when" bro, cos under no circumstances your negative position does you any good, unless you tell me that's your goal. And yes bro you better offload those T-bills cos the return is too low, unless you wanna sink further from your already negative position (winner) now.

To quote myself, this is the "when" I was talking about.

When the interest rate is low and money printing machine is driving inflation, creditor position is a loser's position.

Of course, you, as a Chinese, probably think US interest rate is NOT low and Federal Reserve is NOT printing money. You are fully entitled to your view, although it is much like how a blind man describes how the world looks like. However, although you recommend me to offload US treasures due to low interest rate, you don't seem to have no problem for China government holding them. I guess you love me more than you love your country.

 

[Shotgunner51]

Of course, you, as a Chinese, probably think US interest rate is NOT low and Federal Reserve is NOT printing money. You are fully entitled to your view, although it is much like how a blind man describes how the world looks like. However, although you recommend me to offload US treasures due to low interest rate, you don't seem to have no problem for China government holding them. I guess you love me more than you love your country.

Of course I think your (you're American I suppose) interest rate is dirt cheap, otherwise how you can service the colossal debts already piled on your back? And of course you (US) are printing like there's no tomorrow, and as if there's no consequence.

Absolutely you better offload your low yield assets and swap for others, because you have more liabilities to service than assets you hold, a "winner" position according to you. But for China is OK, do you know why? Because the situation is exactly opposite, China is in a positive position aka assets far exceed liabilities, are you? Hence China enjoy the financial freedom of playing with low-yield asset for other purposes, say currency exchange rate stabilizer, or even just purely for fun, do you have that luxury? I do love you bro, wish you get out of your negative position though you describe that as "winner", many people mock that as "in the red" or "below water".

 

[nang2]

Of course I think your (you're American I suppose) interest rate is cheap, otherwise how you can service the colossal debts already piled on your back? And of course you (US) are printing like there's no tomorrow, not even news right?

Absolutely you better offload your low yield assets and swap for others, because you have more liabilities to service than assets you hold, a "winner" position according to you. But for China is OK, do you know why? Because the situation is exactly opposite, China is in a positive position aka assets far exceed liabilities, are you? Hence China enjoy the financial freedom of playing with low-yield asset for other purposes, say currency exchange rate stabilizer, or even just purely for fun, do you have that luxury? I do love you bro, wish you get out of your negative position though you describe that as "winner", many people mock that as "in the red" or "below water".

Strange. When did I give you an impression that I am in a negative position?

And you are apparently green in investment. "in the red" doesn't mean "below water". And you certainly have no capability in appreciating the benefit of someone giving you a pile of money and asking only little to return.

 

[Shotgunner51]

Strange. When did I give you an impression that I am in a negative position?

And you are apparently green in investment. "in the red" doesn't mean "below water". And you certainly have no capability in appreciating the benefit of someone giving you a pile of money and asking only little to return.

You refer me as Chinese, so you must be American, right? So I thought you're a winner bro, as per your description that refers to a debtor position aka negative. And no "when" can apply, becos a position means your asset less liability at any given time. So if you are negative now, you are negative, no interests rate or inflation can change that fact.

Don't worry bro, your "winner" position though is mocked by many including "green" like me as "in the red", that won't change the slightest bit about the fact of your situation.