CNBC: China will this year surpass the US in total retail sales for the first time

[Han Patriot]

My recent contribution to US Total Retail：a $234 eye ointment.

View attachment 535127

Outside US, it would've cost 20-30$.

 

[Dungeness]

Outside US, it would've cost 20-30$.

Thant's why US Total Retail number could be greatly inflated, so is its GDP.

 

[Jlaw]

China = 1.5 Billion
US = 300 million

That makes the US that much better despite having a 5x lesser population.

1.5 billion is Indian ,Indian

 

[oprih]

@Hamartia Antidote @gambit @jhungary @KAL-EL
Cry for murica.

 

[lcloo]

Thant's why US Total Retail number could be greatly inflated, so is its GDP.

How true, even US fast food McDonald's Big MAC has large price difference, In US it is sold at USD5.51, and in China the consumers only need to earn USD3.10 to buy the same burger.

source: https://www.statista.com/statistics/274326/big-mac-index-global-prices-for-a-big-mac/

 

[Hamartia Antidote]

@Hamartia Antidote @gambit @jhungary @KAL-EL
Cry for murica.

You should be crying for China. Since apparently 300Million "poor" Americans spend just as much as 1.3 Billion "rich" Chinese. If China was actually "rich" they'd be spending at a minimum 4 times what the US does. They have a long way to go to get their citizens out of poverty. They have done well moving 100's of millions out of extreme poverty into just normal poverty.

 

[oprih]

You should be crying for China. Since apparently 300Million "poor" Americans spend just as much as 1.3 Billion "rich" Chinese. If China was actually "rich" they'd be spending 4 times what the US does. They have a long way to go to get their citizens out of poverty.

Wahh murica is no longer number one.

 

[Han Patriot]

You should be crying for China. Since apparently 300Million "poor" Americans spend just as much as 1.3 Billion "rich" Chinese. If China was actually "rich" they'd be spending at a minimum 4 times what the US does. They have a long way to go to get their citizens out of poverty. They have done well moving 100's of millions out of extreme poverty into just normal poverty.

Never in my life, I would've imagined China getting compared to US. We are just poor humble workers. No threat at all bhai

 

[TaiShang]

Never in my life, I would've imagined China getting compared to US. We are just poor humble workers. No threat at all bhai

China is a developing country, period. Those China threat folks are nuts.



I think a better comparison would be India, given that both got independent about the same time, plundered by foreign powers, had more or less similar GDP in the 1990s, and enjoy big populations.

 

[Dungeness]

China is a developing country, period. Those China threat folks are nuts.



I think a better comparison would be India, given that both got independent about the same time, plundered by foreign powers, had more or less similar GDP in the 1990s, and enjoy big populations.

I don't know how many Indian elites have finally realized the handicaps India society has, in comparison to China, beyond regular rhetoric that India opened up 13 years later than China.

 

[beijingwalker]

I don't know how many Indian elites have finally realized the handicaps India society has, in comparison to China, beyond regular rhetoric that India opened up 13 years later than China.

China's open up was not an one off thing, it took China decades to reach today's scale, China was very careful in beginning, very slowly, step by step, one thing at a time.

 

[GS Zhou]

Manufacturing industry wise, China's scale is much bigger than that of the US. Now even the consumer spending of China surpasses that of the US. But US still has a bigger GDP than China's!!

There must be one country (or both) reporting the false GDP numbers. One makes its GDP overstated purposely, another makes its GDP understated purposely.

 

[Dungeness]

Manufacturing industry wise, China's scale is much bigger than that of the US. Now even the consumer spending of China surpasses that of the US. But US still has a bigger GDP than China's!!

There must be one country (or both) reporting the false GDP numbers. One makes its GDP overstated purposely, another makes its GDP understated purposely.

In an ER visit last year, I contributed more than $10,000 to US GDP. A simple CT scan cost $8,300 to my insurance company, which would have been around $100 in China.

 

[TaiShang]

In an ER visit last year, I contributed more than $10,000 to US GDP. A simple CT scan cost $8,300 to my insurance company, which would have been around $100 in China.

When I was an international student in the US, my US classmate contributed about 2000 USD to the US GDP by getting his tooth extracted.

 

[lcloo]

I have an interesting question. A factory in China produced a ex-factory cost of USD100. And by design or by merchandisers (buyers) bargaining power, the gross profit is set at 6% to 10% or USD 106 to USD 110 (my real experience in Shenzhen factory, owned by Canadian listed company).

Upon reaching USA, the goods are sold at 100% to 200% (these are low price cheap products like writing chalk and crayons). On profit and loss a/c, our holding company normally made 40% to 60% gross profit after taking into account all direct expenses.

The question is : So for the same product, The China side is producing a goods at USD110, and take this into GDP figure. And the same goods is sold in USA at USD220 to USD330 (their cost is including shipping, warehouse, distribution and advertising etc), so this retail sales in US added USD220 to USD330 to their GDP.

So does being having minimum manufacturing facilities while import and retail huge amount of goods in a country means that country is destined to have large GDP be default ? Of course there are other factors, this is just a simple and generalised question. Any body want to wish to have their piece of mind? USA, HK China, Luxemberg, Singapore, Austria,