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China is either the world’s 1st or 2nd largest economy, depending on how you measure it: https://www.thebalance.com/world-s-largest-economy-3306044 https://www
by melling 7y ago
China is either the world’s 1st or 2nd largest economy, depending on how you measure it:
https://www.thebalance.com/world-s-largest-economy-3306044 https://www.thebalance.com/world-s-largest-economy-3306044
https://www.visualcapitalist.com/mapped-worlds-largest-exporters-in-2018/ https://www.visualcapitalist.com/mapped-worlds-largest-expor...
I think people are slow to realize their new position in the world.
When US and Europe shipped all that manufacturing to China, it created this problem.
- FussyZeus 7y agoWe can manufacture elsewhere, and many companies already are. China needs us a hell of a lot more than we need China.
- SllX 7y agoMost of China’s exports are low value manufactured goods which can be made elsewhere. There’s a lot more countries in the world than there are Chinas, even if your worldview counts both of them.
- bitL 7y agoThat used to be the case; now the new Silicon Valley for producing anything is in Shenzhen with crazy innovation (kinda like what Japan used to be in the 80s). You can set up your own goods production there in minutes and in all kinds of quality as your budget allows. A regular Chinese now matches a regular American in quality of life as measured by typical economical metrics (adjusted for purchase parity, not in nominal value). Many US/EU companies reduced to selling stuff one can buy on Alibaba for 1/10th, just rebranded to appear US/EU-made. There are some areas Chinese can't do yet, like advanced metallurgy, which was generating quite a bit of business for US/EU, but that disadvantage is disappearing rapidly as they continue throwing money on it and invest into research.
- mcguire 7y agoI was with you until "A regular Chinese now matches a regular American in quality of life as measured by typical economical metrics (adjusted for purchase parity, not in nominal value)." A regular Chinese in Shenzhen, maybe. I'm not sure about someone from the part of China that isn't on the coast or Beijing.
- umeshunni 7y agoThere are 300M+ urban Chinese that now have a standard of living comparable those of their Western counterparts. There are 800M+ Chinese people living in relative poverty in rural areas that bring the average and median quality of life metrics down.
- NicoJuicy 7y agoSo, 1/3rd instead of 1/2th.
- dragonwriter 7y ago> A regular Chinese now matches a regular American in quality of life as measured by typical economical metrics (adjusted for purchase parity, not in nominal value). No. China’s per capita GDP adjusted for purchasing power parity is still under US$17K. Even with perfectly flat income distribution that would be around half of US median personal income. Realistically, the gap is much more than 2×.
- gridlockd 7y ago> China is either the world’s 1st or 2nd largest economy, depending on how you measure it So what? Its exports account for only ~13%. According to the same data, Belgium is 2.4%. I've never even heard of anything "Made in Belgium".
- bitL 7y agoBeer
- electricslpnsld 7y agoExcellent chocolates and cheese as well. Great pommes frites, but those are harder to export.
- pgaddict 7y agoDon't forget waffles!
- ericd 7y agoAnd not just any beer, but those amazing abbey ales.
- User23 7y agoArms[1]. [1] https://www.fnherstal.com/ https://www.fnherstal.com/
- pupdogg 7y agoUmmm....Barco for one https://en.m.wikipedia.org/wiki/Barco_(manufacturer) https://en.m.wikipedia.org/wiki/Barco_(manufacturer)
- NicoJuicy 7y agoDiamonds
- NicoJuicy 7y agoFrozen vegetables