the gap between China and US GDP will jump from $5.3 Trillion in 2021 to an estimated $8.3 Trillion in 2022

[Dungeness]

China's economy vs US' by sectors, it's very telling.

 

[S10]

Everyone knows lockdown can affect economy. Doesn't the virus affect economy too? The reality is those countries that pretend believing virus doesn't exist are importing more goods from China. I don't care about GDP number. It's meaningless. Only the trade surplus and deficit matter for a country.

The whole world is on a path to economic recovery, while Chinese economy is stagnant because of Xi's pride. Youth unemployment is at 20%. Real estate market is collapsing. Birth rate has plummeted. Domestic consumption fell. Local governments are having trouble paying salaries and pensions. The population is growing miserable and tired of non-stop lockdowns.

But keep hugging your export numbers and tell your little pink brain that everything is okay. Maybe we'll finally see the end of communist party after all.

 

[kankan326]

The whole world is on a path to economic recovery, while Chinese economy is stagnant because of Xi's pride. Youth unemployment is at 20%. Real estate market is collapsing. Birth rate has plummeted. Domestic consumption fell. Local governments are having trouble paying salaries and pensions. The population is growing miserable and tired of non-stop lockdowns.

But keep hugging your export numbers and tell your little pink brain that everything is okay. Maybe we'll finally see the end of communist party after all.

Are all the problems caused by zero covid policy? Go check other countries. Japan, Germany, UK, USA. They are facing more serious economic problems even they don't have zero covid policy.

 

[S10]

Are all the problems caused by zero covid policy? Go check other countries. Japan, Germany, UK, USA. They are facing more serious economic problems even they don't have zero covid policy.

Germany's problems are natural resources from Ukraine war. Japan's problems are from declining and aging population. American problems are from inflation.

China's current problems are entirely inflicted by Xi's actions. News flash, the population won't tolerate communist fucking with their lives for extended period of time. I do kind of want to see Xi getting executed in front of Tiananmen in the next decade and bringing an end to CPC.

 

[beijingwalker]

I do kind of want to see Xi getting executed in front of Tiananmen in the next decade and bringing an end to CPC.

View attachment 895401

I just want him to retire, but if he keeps on this wrong path, it won't end up nicely for him.

 

[kankan326]

Germany's problems are natural resources from Ukraine war. Japan's problems are from declining and aging population. American problems are from inflation.

China's current problems are entirely inflicted by Xi's actions.

Where did the US inflation come from? It printed too much money. Why US printed money? Because US consumed more than it produced. Why US didn't produce more goods? Because production capacity didn't resume even though it gave up pandemic control policy long ago.

China's economy is bound to be affected by the global resession. It's not zero covid policy's fault. Vietnam is another example. Its economy is also in trouble without zero covid policy.

 

[etylo]

Chinese current policy of dynamic zero covid is in some way held by the hostage of the pandemic.

 

[MH.Yang]

China's Economy Won't Overtake the U.S., Some Now Predict​

https://twitter.com/x/status/1575679610049941504

View attachment 895307

China’s Economy Won’t Overtake the U.S., Some Now Predict

Slowing growth has damped expectations that the Chinese economy will become the world’s largest by the end of the decade.

www.wsj.com

The World Bank predicts that China's GDP will be 18.32 trillion US dollars in 2022. In 2022, the US GDP will be 25.03 trillion US dollars.

The gap between the two countries will expand from $5 trillion to $6.7 trillion.

But this is the result of the rise of the dollar exchange rate caused by the increase of interest rates in the United States and the reduction of interest rates in China.

Sooner or later, the US dollar will return to normal exchange rate, and these differences will return to normal sooner or later.

The United States is about to enter a recession because of higher interest rates.

100% probability of U.S. recession in coming year, according to Bloomberg Economics forecast model

The U.S. economy falling into recession within the next 12 months is a virtual certainty, according to the latest Bloomberg Economics forecast model released...

www.marketwatch.com

 

[GiantPanda]

Real Sector GDP VS Total GDP ​

US vs. China: Measuring Real Economic Power​

Published: Monday, December 6, 2021

Gross Domestic Product (GDP) is a basic measure of the overall size of a country's economy and is often used to compare different countries' economic power. But what exactly is compared when someone says that the GDP of country A is larger than the GDP of country B?

The System of National Accounts (SNA) of the United Nations defines GDP as a monetary value of final goods and services — that is, what end users actually purchase — produced in a country, along with some non-market "production" such as defense or education services provided by governments, during a specific period of time (say a quarter or a year).

As the UN definition of GDP implies, the whole economy can be divided into two major sectors: the so-called real sector, which includes production of goods and real assets, and the services sector, which includes production of services, everything from banking to education to healthcare.

This dashboard uses U.N. data to analyze the economic powers of countries measured solely by the ability of the economy to produce goods and real assets like infrastructure, dwellings and nonresidential buildings, and machinery and equipment. We estimate GDP produced in the real sector of an economy as a sum of value added in four broad economic activity groups: Agriculture, Industry, Construction, and Transportation and Communications.

Why the focus on the real sector? The strength of the real sector reflects two of the basic characteristics of an economy that determine its ability to successfully compete in a world of rising tensions between major powers: self-sufficiency and military power. The third basic economic factor affecting a country's competitiveness — the availability of resources — is not considered here.

• Using real sector GDP in cross-country comparison of economic power significantly changes the view of the global economic landscape. The U.S. economy, which is the world's largest economy when measured by total GDP at current US dollars, is more than $500 billion smaller than China's when measured by real sector GDP.
• In 2019*, the ten largest economies in terms of real sector GDP included Russia, Korea and Indonesia. In the ranking by total GDP, these countries are lower down the list, and Italy, Brazil, and Canada round out the top ten.

Note: 2019 is currently the latest available year in the U.N. National Accounts Main Aggregates Database

View attachment 895390View attachment 895391

Log In - knoema.com

knoema.com

Exactly.

China uses 10X more steel and concrete than the US, it builds (at least) 10X more cars, computers, rail and a million other things than the US.

What the US sells more of is services. And services at inflated prices. An hair cut in the US averages 10X more than one in China.

China builds things that you can hold, touch, sit it and go places with. US produces dreams and schemes.

Seriously, how can a nation that builds many times more cars and uses many times more steel possibly have a smaller economy?

 

[GiantPanda]

There is no way in the real world that such huge leads in the production of actual goods and usage of raw material can result in a smaller economy.

And it doesn't in the real world.

This is the rankings of the world economies by the IMF, World Bank and the CIA:

 

[beijingwalker]

There is no way in the real world that such huge leads in the production of actual goods and usage of raw material can result in a smaller economy.

And it doesn't in the real world.

This is the rankings of the world economies by the IMF, World Bank and the CIA:
View attachment 895477

Modern world is built of steel

In 2020, total world crude steel production was 1877.5 million tonnes (Mt). The biggest steel producing country is currently China, which accounted for 57% of world steel production in 2020.[1] In 2020, China became the first country to produce over one billion tons of steel.

 

[beijingwalker]

The world now is working like a loop that China produces goods , US prints money, the rest of the world uses the US money to buy Chinese goods, if this chain is being interrupted, China and the rest of the world will be largely ok and US will be in deep deep trouble.

 

[letsrock]

China's Economy Won't Overtake the U.S., Some Now Predict​

https://twitter.com/x/status/1575679610049941504

Tweet not accurate. China has higher real economic growth. The only reason is the fall in currency rate. It fell drastically so it will probably correct soon. Morevoer - apart from zero covid unexpected disruptions - china handled economy really better.

No drastic inflation. No collapse of housing market (not housing manufacturers) - even shanghai stock index rose by one third and fell by one third - unlike stock exchanges elsewhere which doubled and came crashing.

 

[FuturePAF]

I just want him to retire, but if he keeps on this wrong path, it won't end up nicely for him.

If China accepts the BioNTech vaccine from Pfizer and opens up, taking the chances with covid cases, do you think the economy will recover?

He probably only has 5 years left if he doesn’t get the economics right.

 

[beijingwalker]

If China accepts the BioNTech vaccine from Pfizer and opens up, taking the chances with covid cases, do you think the economy will recover?

He probably only has 5 years left if he doesn’t get the economics right.

Chinese vaccines work better, US still suffers 500 death everyday and their life expectancy dropped by 2 years in 2 years. US is not an example for China to follow, China will open up but in her way method, China actually had already successfully dodged a bullet, now the covid is becoming much less deadly and researchers became much familiar with this virus , many vaccines , drugs and treatments are available, even China opens up now, the virus won't devastate China like it did to US and India.