Is it just a matter of Time before we overtake the United States? Many Chinese have been keen to discuss this question, but after seeing the real ranking of China’s economy in the world, I guess these people will be half-hearted.
The external environment for China’s economic development is not what it used to be, as the Chinese Communist Party is making enemies everywhere. The Biden administration will keep tariffs on mainland China unchanged, at least in the short term. The e-commerce giant Amazon has refused to sell products containing Xinjiang cotton. In addition, a recent “military mentor of state-owned enterprises” revealed how the Chinese Communist Party “feeds, traps and kills” foreign companies.
No fear of the Chinese Communist Party! Philippine warplanes fly over disputed waters in the South China Sea where hundreds of Chinese fishing boats gather.
Suez Canal disruption is “the last straw that broke the back of global trade. The U.S. and 12 other defense ministers issued a rare joint statement condemning the Burmese military.
The famous Anti-Communist Sima Lu, who died in New York at the age of 103, exposed Jiang Zemin’s adoptive father Jiang Shangqing as a “traitor” and not a “martyr”.
Is it only a matter of time before the United States overtakes the United States? Let’s see where China ranks in terms of GDP.
Since 2010, China’s GDP has been the second largest in the world, and many people are keen to talk about when it will surpass the United States, some say 2050, some say 2030, and some say 2028, as if it is only a matter of time.
But back to reality, the problems and gaps come: China ranks 70th in GDP per capita, 700 million people have a monthly income of less than 1,000 yuan, the consumption level of the population is low, accounting for only 40% of GDP, while the United States accounts for 70%, because the Chinese do not have money to spend: China’s house price to income ratio is very high, while the hourly wage is very low, bearing a tax burden and household debt is still very heavy.
Here’s a look at where China’s economic power really ranks among the countries of the world. Financial commentator Liu Kun recently wrote an article on the evaluation indicators of GDP, happiness index, health index, corruption index speech and Internet freedom, the ranking of the Chinese Communist country in the world.
First, China’s total GDP is the second in the world, but per capita after the world’s 70th, and the hourly wage ranked in the middle and lower.
Since 2010, China’s GDP ranking has steadily ranked second in the world. 99 trillion GDP in 2019, the Communist Party of China announced in high profile that the per capita gross national income exceeded 1 trillion dollars. The reality is that a country of 1.4 billion people has less purchasing power than the United States with 300 million people or Europe with more than 600 million people. only 200 million of the 1.4 billion people have real consumption power. While 70% of the US GDP comes from consumption, only 40% of China’s comes from residential consumption.
China’s GDP growth is mainly driven by investment and exports, with government and state-owned enterprise investment again being the main driving force, while the proportion of residential consumption to GDP has instead fallen from 46% to 40% since 1999, which is a true reflection of Chinese people’s consumption capacity and the inevitable result of 600 million people earning less than $1,000 a month.
Currently, China’s per capita GDP of $11,300,000 ranks 70th in the world, while during the Cultural Revolution in 1968, China’s per capita GDP ranking in the world was 78th, and has not improved significantly in all these years.
The hourly wage of Chinese people is ranked in the lower middle of the world. The hourly minimum wage for part-time employment is 18.6 yuan per hour in the first class zone; in the second class zone: 17.5 yuan per hour; and in the third class zone: 16.5 yuan per hour, which can reach 20 yuan per hour in North China, Guangzhou and Shenzhen, while the legal minimum wage level in Hong Kong is HK$37.5 per hour.
Australia, which tops the global list, has a minimum (basic) wage of A$19.49/hour, followed by European countries Luxembourg (A$19.28), New Zealand (A$16.79), France (A$16.15) and Switzerland (A$15.96).
The U.S. federal minimum wage of $7.25 per hour has remained unchanged since 2009. By 2021, the minimum wage in 20 U.S. states will continue to be equal to or below this federal level. Nineteen states raised their minimum wages effective January 1 of this year, with the highest increase to $14 in California.
Let’s take another look at an important indicator of whether residents are happy with their lives: the Home price ratio.
China has the highest house price to income ratio in the world. Based on personal income, the house price to income ratio in North China, Guangzhou, Shenzhen and Tianjin are all over 30 times, Shenzhen is 43, and Beijing is 41, which is right up there with Hong Kong (46). While most other major cities in the world are below 15 times: Tokyo 14.7, Vancouver 13.1, Sydney 11.3, New York 10.5, San Francisco 7.6, and most cities in the US are below 10.
According to household income, according to the 2019 Global Housing Affordability Survey Report released earlier this year by Demographia, an international public policy consultancy, Hong Kong has the world’s highest house price to income ratio at 20.9 times, meaning it takes 20.9 years of household income to buy a suite in Hong Kong, the most burdensome. The United States, on the other hand, has been the most affordable country in terms of home prices for five consecutive years, with an average home buying income ratio of just four years. The median home price in New York, the global financial center, is $435,000 and the median household income is $78,500, its home price to income ratio is 5.5. Vancouver, Canada takes 12 years. China, on the other hand, takes decades, and housing has become the biggest financial burden for the Chinese.
Biden to deliver economic policy speech, U.S. tariffs on mainland China remain unchanged
Biden will travel to Pittsburgh on Wednesday to deliver a speech on economic policy. Pittsburgh is where Biden announced his presidential candidacy in 2019, and is also a major U.S. manufacturing town. The White House is seeking to work with Congress to introduce an infrastructure bill worth about three trillion dollars. President Biden is expected to announce the White House’s proposal at his economic address.
In an exclusive interview with the Wall Street Journal, U.S. Trade Representative David Deitch said he would not withdraw tariffs on China in the near future, but was willing to continue trade talks with China. Dykes said she understands that the tariffs are putting pressure on U.S. businesses and consumers, and that many people want her to withdraw the tariffs, but unless all parties involved can make adjustments, rushing to withdraw the tariffs will cause harm.
Dyche, who was already working in the Office of the U.S. Trade Representative at the time, was also involved in the U.S.-China trade negotiations, and the first phase of the U.S.-China trade agreement was signed between the United States and China in January 2020. Under the agreement, U.S. and Chinese trade representatives are required to meet every six months, although the two countries have not met for eight months. After his appointment, Dyche spoke with trade representatives from 14 countries, including France, Mexico, Japan, South Korea and India, but not China.
Require Chinese sellers to provide proof of origin, rumors that Amazon refused to sell products containing Xinjiang cotton
The Xinjiang cotton controversy is getting more and more intense, many international brands that do not take a stand or state that they do not use Xinjiang cotton are suffering from Chinese netizens’ abuse, and it is rumored that Amazon, the world’s largest e-commerce platform, has also started to review whether the products sold by its platform sellers contain Xinjiang cotton.
According to Chinese media reports, a netizen recently broke the news that a Chinese seller selling cotton products through the Amazon platform revealed that Amazon has recently asked Chinese exporters must provide proof that their goods do not contain Xinjiang cotton, otherwise the cotton products exported from China may be detained by U.S. Customs, until the merchant can prove that their goods do not contain Xinjiang cotton so far.
Netizens pointed out that because Chinese sellers can not provide their own goods do not contain the proof of Xinjiang cotton, the result of their products sold on Amazon were taken off the shelves. After the news broke, Chinese netizens took to Weibo to criticize Amazon.
Former U.S. President Donald Trump issued a “border ban” back in January this year, requiring U.S. Customs and Border Protection to implement a detention policy for Xinjiang cotton products, resulting in many Chinese manufacturers were cancelled orders, according to “The Washington Post” reported that the United States has a chemical company is working with some clothing brands, hoping that through the chemical way to cotton According to the Washington Post, a U.S. chemical company is working with some clothing brands to trace the source of cotton through chemical means to further exclude goods containing Xinjiang cotton.
The “military mentor of state-owned enterprises” reveals how the Chinese Communist Party “raises sets to kill” foreign enterprises
Following Zhai Dongsheng’s exposé of the Chinese Communist Party’s infiltration of the United States and Jin Canrong’s exposure of the Chinese Communist Party’s global strategy to encircle the United States, a guest of the Chinese Communist Party’s state-owned enterprises has recently revealed the tip of the iceberg of the Chinese Communist Party’s strategy of “raising and killing” foreign enterprises.
Recently, self-publisher Zeng Zheng forwarded a video of a speech by Zang Qichao, an expert in Chinese consulting equity investment and financing. In the video, the “speaker,” who has long been active in universities, official circles and the corporate world, talks about how the Chinese Communist Party has used the “reform and opening up” policy to obtain foreign capital, technology, management experience and a series of other schemes.
Zang Qichao summarized that for decades, the Chinese Communist Party has been targeting foreign investors with only two words: “copying”, and one of the means is “partnership, learning, and doing it alone”.
Zang Qichao concluded, “Forty years have passed, and we have all gone it alone. The factory is ours, the equipment is ours, the technology is ours, the patent is ours, the market is ours, the brand is ours, the foreigners are all gone.” “Copy all the way to the first row of the world, we are savage copying, savage copying, what intellectual property rights, what patented technology, get it done.”
However, after decades of forced commercial technology transfers to foreigners and decades of Hackers and spies stealing Western technology, Zang Qichao said “the U.S. found out and wouldn’t let it be copied anymore. That’s when the government ripped out the slogan “development is the hard truth” and replaced it with “innovation is the first productive force,” he said.
Zang Qichao believes that this is the reason why Yang Jiechi, a member of the Communist Party’s Politburo, and Wang Yi, the Communist Party’s foreign minister, were qualified to be tough during the U.S.-China High-Level Dialogue in March this year.
According to public information, Zang Qichao is currently the chairman of Huashi Brothers Culture and Education Group and the chairman of Jin Sanzang Investment Management Group, whose clients include China’s four major banks, insurance companies such as China Life, China Telecom, Vanke Group, Alibaba, Dongfeng Citroen, and many other industries and fields.
Philippine warplanes fly over hundreds of Chinese fishing boats in disputed waters of South China Sea
The Philippine defense secretary says the Philippine military is sending light warplanes to fly over hundreds of Chinese fishing boats in the disputed waters of the South China Sea. He reiterated his demand that Chinese fishing boats immediately withdraw from the waters.
The threat of what the Philippines describes as a swarm of more than 200 Chinese fishing boats it believes are operated by maritime militias is a growing international concern. The fishing boats are moored at Whitsun Reef, which is within 200 nautical miles of Manila’s exclusive economic waters.
Philippine Defense Secretary Delfin Lorenzana said in a statement issued Saturday evening that the Philippine military is sending military aircraft to monitor the situation on a daily basis. Lorenzana said the Philippine military will also strengthen its naval presence in the South China Sea, having conducted “sovereign reconnaissance” and protected Filipino fishermen.
U.S., 12 Defense Ministers Issue Rare Joint Statement
Defense ministers from a dozen countries, including the United States, issued a rare joint statement Saturday evening (March 27) condemning the use of “lethal weapons” by the Burmese military against unarmed anti-coup protesters that day.
Photo: Protesters occupy a street and confront the military police in Yangon’s Tampain Township, Myanmar, Saturday (March 27).
A professional military should follow international standards of conduct and protect the people it serves, not harm them,” the statement said. “The Burmese armed forces are urged to stop the violence and work to restore the respect and trust of the Burmese people that they have lost as a result of their actions.”
The statement came after more shootings of civilians in Burma on Saturday by the defense ministers of Australia, Britain, Canada, Denmark, Germany, Greece, Italy, Japan, the Netherlands, South Korea and New Zealand, in addition to the United States.
Suez Canal Disrupted, Global Supply Chain Affected
Evergreen Marine’s giant container ship “Chang Chi” has been stranded in the Suez Canal for more than five days, disrupting the canal’s waterway and hitting the goods trade hard.
Photo: Vessels from various countries waiting outside the Suez Canal.
German insurance company Allianz (Allianz) recently released a report, pointing out that the canal blockage a week will lead to annual trade growth will be reduced by about 0.2 to 0.4 percentage points.
In addition, they estimate that global trade will lose $6 billion to $10 billion (about NT $171.6 billion to $286 billion) per week. For the major ship jam at the Suez Canal, they described it as “the last straw that crushed global trade.”
Renowned Anti-Communist Writer Sima Lu Dies in New York at 103
Sima Lu, a well-known expert on the history of the Chinese Communist Party and an anti-communist literary figure, died at 7:40 a.m. Sunday, March 28, at a home for the elderly in Flushing, New York City, at the age of 103.
Formerly known as Ma Yi, Sima Lu joined the Communist Party’s peripheral organizations in 1937, joined the Party in 1937 before the Lugouqiao Incident, and arrived in Yan’an in the same year when he was 18. After the South Anhui Incident in 1941, Sima Lu left Yan’an and was expelled from the Party, starting a life of pursuing freedom and democracy from then on.
The picture shows Sima Lu (seated in the middle) at his 90th birthday celebration.
Mr. Sima Lu has written extensively throughout his life. In 1952, he published a book in Hong Kong, Eighteen Years of Struggle, in which he wrote about his tortuous journey from defecting to the Communist Party to coming to his senses and choosing freedom, which became a sensation. Fifty years later, Professor Yu Ying-shih still mentioned in his poem to Sima Lu that he had “read Eighteen Years of Struggle, which was passed down to millions of people in Hong Kong against the Communist Party.”
Sima Lu had exposed Jiang Zemin’s adopted father Jiang Shangqing as a “traitor” and not a “martyr”. In an interview in 1992, Sima Lu pointed out that Jiang Zemin’s “martyr adoptive father” Jiang Shangqing was a “traitor”, not a “martyr”; Sima Lu said that Jiang Shangqing was arrested three times and released three times. He was released three times, but did not explain to the Chinese Communist Party what happened after his arrest. Sima Lu said, “Now the CCP says Jiang Shangqing is a martyr, but at that time I remember being told by the organization that he was a traitor and was working on intelligence for the Kuomintang, and I was told not to contact him.”
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