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GDP Update 2023: US ($27.5T) vs CHINA ($17.6T) [US up by $10 Trillion]

LOL,


Western media daily claims that China is crashing while their universities and research centers predict China will be leading the global growth for another decade, don't know which ones to believe.
 
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USD is powerful if you are trying to import stuff. But otherwise inflation matters.

If one really wants to compare material growth - they must compare consumption of electricity, housing square feet, average kms traveled by a person, consumption of meat/fruit/clothes , car sales.

We have to be careful about that one factor (consumption of electricity) - though.

Better to be specific and say residential consumption of electricity.

There are plenty of old-tech nations (large ones) who use electricity guzzling industries like Steel-production blast furnaces and crude oil refineries etc. whose electricity consumption as a result is sky-high (India is a very good example).

This skews the per capita electricity consumption results one is trying to find.

These old tech nations also do not use newer tech energy saving devices (newer efficient motors, looms, textile machinery) and other power saving tech - giving impressions that they are a developed nation. The reason why they don't do this is that they are limited to consuming their own low quality goods within their closed markets and there is no payback for improving quality using newer tech. Which is needed to export to markets having higher quality requirements.

I have visited textile mills in India where they use WWII era looms and spinning/carding machines from the same era, which are terminally inefficient and use up inane amounts of electricity. These people have not yet heard about modern Water Jet or Air jet shuttle-less looms or Trützschler/Ritter carding and spinning machines which even Bangladesh installed - three decades ago.

The newer tech cuts electricity consumption by about one-fourth (or more). As usual Bhakt "Chalta Hai" attitude, cavorting in inefficiency and filth, because they WANT TO.
 
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We have to be careful about that one factor (consumption of electricity) - though.

Better to be specific and say residential consumption of electricity.

There are plenty of old-tech nations (large ones) who use electricity guzzling industries like Steel-production blast furnaces and crude oil refineries etc. whose electricity consumption as a result is sky-high (India is a very good example).

This skews the per capita electricity consumption results one is trying to find.

These old tech nations also do not use newer tech energy saving devices (newer efficient motors, looms, textile machinery) and other power saving tech - giving impressions that they are a developed nation.

I have visited textile mills in India where they use WWII era looms and spinning/carding machines from the same era. These people have not yet heard about Water Jet or Air jet shuttle looms or Trützschler/Ritter machines. The newer tech cuts electricity consumption by about one-fourth (or more).
Excellent point.

Also some adjustments must be made - electricity used by transport must be accounted for - as otherwise this will show countries with heavily electrified transport in a discounted way.

I can think of a lot of others too. It all shows how complex measuring well being of a country is.
 
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The International Monetary Fund forecasts China's growth coming in at 4.5% next year and the 3% range in 2026.


The Chinese deceleration is real and at the worst possible time as China enter’s catastrophic demographic decline in the 2030s and beyond.

The much ballyhooed decline of China remains a hyperbole wish to 3rd rate Trailer Trash in the US and their boot-licker sycophant bhakt Indian idiots whom no one cares about.

It will remain that way - as wish only.

The US should mend fences with China - while there is still time and sensible solutions for peace are still available.

Mindless sabre-rattling will not cower the Chinese - the US is financially in no position to rival China or God Forbid - have a conflict with her. Period.

Modi and Hindutva Indians make useless allies and should be discarded. They are in it only for their own interest, as always.
 
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Some American posters are financially illiterate and should not even post these sorts of topics like the thread starter.

These are just bhakt Indians in disguise.

Or semi-educated, barely highschool graduate - entitled trailer trash caucasians. I know these people- I grew up with them.

If you ask them to point out continents on a map they couldn't.

Ditto with multiplying more than two places.
 
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The much ballyhooed decline of China remains a hyperbole wish to 3rd rate Trailer Trash in the US and their boot-licker sycophant bhakt Indian idiots whom no one cares about.

It will remain that way - as wish only.

The US should mend fences with China - while there is still time and sensible solutions for peace are still available.

Mindless sabre-rattling will not cower the Chinese - the US is financially in no position to rival China or God Forbid - have a conflict with her. Period.

Modi and Hindutva Indians make useless allies and should be discarded. They are in it only for their own interest, as always.

China’s weak recovery this year, and its dangerous flirtation with deflation, could delay the date on which it becomes the world’s biggest economy. The gap between American and Chinese GDP will be over $8trn in 2023, according to some forecasts. That is a bigger number than last year. According to the latest projections by EIU, our sister organisation, China may have to wait until the 2040s to overtake America.


Cope more little pink
 
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That's actually and factually wrong. Because basically you are talking about absolute value vs adjusted value, which mean it ALWAYS depends on what the Economist is looking at.

Absolute value (nominal) reflects the entirety of your economic situation. Ie, how much is your countries output or which sector produce more and etc.

While adjusted value (either PPP or Real GDP) reflect on one specific reason, for example PPP is to show how much different between 2 countries and you can gauge the purchasing power in different countries using the same amount of money. For example, an Happy Meal in the UK cost you 2.6 GBP while it is $4.19 in the US, however, the exchange rate between USD and GBP is 1 : 0.79, so the nominal price for a Happy Meal in the UK should be 3.29 if all things considered equal. So we can say UK have more purchase power than the US because the currency value are lower. Ie You can buy more.

On the other hand, Real GDP considered the value pre-inflation which show the actual growth disregarding the inflated value.

The problem is, a dollar is always a dollar, while the value can be inflated in term of purchasing parity, a dollar is always equal to 1 dollar, so the nominal value would represent the absolute growth, as in how much the economy is expanding, because it is the actual value the economy is expanded by, it doesn't matter if the cost of living or the cost of producing of any item is increased over time, becauase you aren't living in 1949 or 2001. On the other hand, if the economist wants to look at and compare the growth from a period to another, say if he/she want to look at and compare how the economy growth in 1943 and 2023, then looking at nominal value is pointless because the value of dollar is different in 1943 and 2023. That's when you use real GDP
 
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Once again, nominal GDP is all that matters when measuring relative power of nations. When the world looks at economic rankings, nominal is what’s always assessed. Why do you think so many economic think tanks around the world always assess nominal GDP in the geostrategic competition between the US and China? They never use real GDP, ever.

Cope more
ANd said by which economist ? Quote one internationally reputed economist preferring nominal GDP over real GDP.

Furthermore the real measure is not even real GDP but PPP GDP. But it is complicated to measure therefore is not common to use.

In any real world sitiation nominal GDP is used just as an interim figure to coMpute real GDP

That's actually and factually wrong. Because basically you are talking about absolute value vs adjusted value, which mean it ALWAYS depends on what the Economist is looking at.

Absolute value (nominal) reflects the entirety of your economic situation. Ie, how much is your countries output or which sector produce more and etc.

While adjusted value (either PPP or Real GDP) reflect on one specific reason, for example PPP is to show how much different between 2 countries and you can gauge the purchasing power in different countries using the same amount of money. For example, an Happy Meal in the UK cost you 2.6 GBP while it is $4.19 in the US, however, the exchange rate between USD and GBP is 1 : 0.79, so the nominal price for a Happy Meal in the UK should be 3.29 if all things considered equal. So we can say UK have more purchase power than the US because the currency value are lower. Ie You can buy more.

On the other hand, Real GDP considered the value pre-inflation which show the actual growth disregarding the inflated value.

The problem is, a dollar is always a dollar, while the value can be inflated in term of purchasing parity, a dollar is always equal to 1 dollar, so the nominal value would represent the absolute growth, as in how much the economy is expanding, because it is the actual value the economy is expanded by, it doesn't matter if the cost of living or the cost of producing of any item is increased over time, becauase you aren't living in 1949 or 2001. On the other hand, if the economist wants to look at and compare the growth from a period to another, say if he/she want to look at and compare how the economy growth in 1943 and 2023, then looking at nominal value is pointless because the value of dollar is different in 1943 and 2023. That's when you use real GDP
You are absokutely wrong. Nominal and real are even clear from words that who is real representative of economic strength. For the sake of argument actual economic value lies in the product itself so for example if china has fuel valued at 1 rupee per liter and in USA fuel is being sold at 2 rupee per dollar and there is only consumption of 10 liter of fuel by both the economy then does this means USA economy is double of chinese despite usibg the same quantities of same good ?

Your argument has no economic sense or backing from any economic theory.

That's actually and factually wrong. Because basically you are talking about absolute value vs adjusted value, which mean it ALWAYS depends on what the Economist is looking at.

Absolute value (nominal) reflects the entirety of your economic situation. Ie, how much is your countries output or which sector produce more and etc.

While adjusted value (either PPP or Real GDP) reflect on one specific reason, for example PPP is to show how much different between 2 countries and you can gauge the purchasing power in different countries using the same amount of money. For example, an Happy Meal in the UK cost you 2.6 GBP while it is $4.19 in the US, however, the exchange rate between USD and GBP is 1 : 0.79, so the nominal price for a Happy Meal in the UK should be 3.29 if all things considered equal. So we can say UK have more purchase power than the US because the currency value are lower. Ie You can buy more.

On the other hand, Real GDP considered the value pre-inflation which show the actual growth disregarding the inflated value.

The problem is, a dollar is always a dollar, while the value can be inflated in term of purchasing parity, a dollar is always equal to 1 dollar, so the nominal value would represent the absolute growth, as in how much the economy is expanding, because it is the actual value the economy is expanded by, it doesn't matter if the cost of living or the cost of producing of any item is increased over time, becauase you aren't living in 1949 or 2001. On the other hand, if the economist wants to look at and compare the growth from a period to another, say if he/she want to look at and compare how the economy growth in 1943 and 2023, then looking at nominal value is pointless because the value of dollar is different in 1943 and 2023. That's when you use real GDP
You are absokutely wrong. Nominal and real are even clear from words that who is real representative of economic strength. For the sake of argument actual economic value lies in the product itself so for example if china has fuel valued at 1 rupee per liter and in USA fuel is being sold at 2 rupee per dollar and there is only consumption of 10 liter of fuel by both the economy then does this means USA economy is double of chinese despite usibg the same quantities of same good ?

Your argument has no economic sense or backing from any economic theory.
 
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In 20 years time it will be discussed that Xi Jinping was China's Putin and the person who caused problems.
 
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1st article is by two anti-China Japanese hawks.

2nd article is by a Washington Neocon with one foot in Is-not-real. :-)

3rd article is of course by Godi-Media western-sycophant hack from India.

Boo-freakin'-hoo, China is going down the drain.

Really getting tired of this.
 
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