China Just Surpassed The US... Now Worlds Largest Economy!

[HANZ 4,380]

Will this affect the rest of the world though?

yes

 

the new worldwide order is here

[DeleteMyAccount 11,881]

Thanks to outsourcing.  

[Goosey 3,017]

The CIA must find some way to sabotage their progress 

[RAMROD 117,004]

Sadly my Benjamins ain't Made in China :emo:

[Economy 52,839]

Will this affect the rest of the world though?

well its a technicality

The Gap between the US and China is only a smidge bigger than it was 6 months ago. It just surpasses it officially

The trend is their are growing more and more in influence. But that has already been the trend for a while!

[Economy 52,839]

yes they want to be a fully independent country, they don't want to be part of china, but china is still owning them, same with taiwan

China has been progressing in all kinds of ways to a more modern and tolerant society tho.

It still has ways to go... But in time, the difference in values between Hong Kong and China may nit have as big of a gap and they may not fight for independance as much

Look at Canada for instance... Quebec has become more Americanized in recent years and culturally the gap isnt as big with the rest of Canada as it used to be

As a result, the younger generation of Quebec for the most part dont care for the seperatiat ideas much of the older generation still holds :shrug:

[HANZ 4,380]

China has been progressing in all kinds of ways to a more modern and tolerant society tho.

It still has ways to go... But in time, the difference in values between Hong Kong and China may nit have as big of a gap and they may not fight for independance as much

Look at Canada for instance... Quebec has become more Americanized in recent years and culturally the gap isnt as big with the rest of Canada as it used to be

As a result, the younger generation of Quebec for the most part dont care for the seperatiat ideas much of the older generation still holds

I have faith in the new generation tbh

 

the older ones need to go and I've read about that and China is not as bad as it was 2 decades ago, hopefully things will change for good

[Gagaloo911 12,959]

Next comes India prolly

[Gov Hooka 8,008]

well not technically. this gdp is based off of purchasing power parity PPP which levels out the size of the economies of the US and China based on the fact that things are cheaper in china than in the U.S. 

the US economy still dwarfs China's when it comes to overall nominal GDP with US at 17.4 trillion and China at 10.4 trillion.

 

Also in GDP per capita the US dwarfs china as well with 55,000 vs 8,000

 

China needs to get their **** together when it comes to the liberalization of their government and country otherwise people will be pressed over there within time and Hong Kong will only be just the beginning.

[Economy 52,839]

well not technically. this gdp is based off of purchasing power parity PPP which levels out the size of the economies of the US and China based on the fact that things are cheaper in china than in the U.S.

the US economy still dwarfs China's when it comes to overall nominal GDP with US at 17.4 trillion and China at 10.4 trillion.

Also in GDP per capita the US dwarfs china as well with 55,000 vs 8,000

China needs to get their **** together when it comes to the liberalization of their government and country otherwise people will be pressed over there within time and Hong Kong will only be just the beginning.

You are correct that in market value the US is still the largest by quite a wide margin. But those numbers can be misleading and don't reflect true economic output. The Economy is basically production, consumption, business activity etc. That makes up economic output regardless of what things cost...

 

If both the US and China import $10 Billion worth of potatoes and the retailers sell those potatoes... they both had the EXACT same influence on the world market, and they both bought and sold just as many potatoes to their people. The economic activity was EXACTLY the same. But because things cost more in the US and retailers will sell it for more, that same economic activity will give the US inflated GDP vs China

 

For every 10% in higher wages, easily the cost of living will rise at least 6% to 7%. So higher wages wont result in proportional increased economic activity or purchasing power even tho raw GDP will suggest otherwise

 

If Country A has average wages of $10,000 a year and Country B has average wages of $50,000 a year... will Country B has 5 times more consumption and economic activity per capita? of course not! IT will be higher than Country A but not 5 times higher because wages vs Consumption power isnt perfectly proportional like GDP might suggest

 

If i go get a haircut (service sector industry)... the same business transaction took place whether it cost me the typical $15 here in Canada or $5 like in Portugal where i used to live!

 

Do you see now why if you wanna measure a Countries true influence and economic activity/economic output you HAVE to adjust for these differences? if you dont youll get inflated numbers in same places vs others that mean nothing