Yahoo news dated Nov 19 2021

Report: China is now the world's richest country!!! Nov 19 2021 by Carl Samson

China has beat the U.S. to become the world’s richest nation, according to a new report.

https://news.yahoo.com/report-china-now-worlds-richest-170102566.html

Key findings: Global net worth soared from $156 million in 2000 to $514 trillion in 2020, making the world wealthier than it was at any point in history. China accounted for nearly a third of the increase, the report from management consultancy firm McKinsey & Company stated.

• McKinsey analyzed the national balance sheets of 10 countries that represented 60% of the world’s income. Of these nations, China accounted for 50% of the growth in net worth, followed by the U.S. (22%) and Japan (11%).

• The report found that China’s wealth rose from $7 trillion in 2000 to $120 trillion in 2020. The U.S., on the other hand, saw its wealth more than double to $90 trillion in the same period.

Chinese economic news:

http://finance.yahoo.com/news/official-america-now-no-2-150936444.html

It’s official: America is now No. 2

By Brett Arends December 4, 2014 10:28 AM

Hang on to your hats, America.

And throw away that big, fat styrofoam finger while you’re about it.

There’s no easy way to say this, so I’ll just say it: We’re no longer No. 1. Today, we’re No. 2. Yes, it’s official. The Chinese economy just overtook the United States economy to become the largest in the world. For the first time since Ulysses S. Grant was president, America is not the leading economic power on the planet.

It just happened — and almost nobody noticed.

The International Monetary Fund recently released the latest numbers for the world economy. And when you measure national economic output in “real” terms of goods and services, China will this year produce $17.6 trillion — compared with $17.4 trillion for the U.S.A.

As recently as 2000, we produced nearly three times as much as the Chinese.

To put the numbers slightly differently, China now accounts for 16.5% of the global economy when measured in real purchasing-power terms, compared with 16.3% for the U.S.

This latest economic earthquake follows the development last year when China surpassed the U.S. for the first time in terms of global trade.

I first reported on this looming development over two years ago, but the moment came sooner than I or anyone else had predicted. China’s recent decision to bring gross domestic product calculations in line with international standards has revealed activity that had previously gone uncounted.

These calculations are based on a well-established and widely used economic measure known as purchasing-power parity (or PPP), which measures the actual output as opposed to fluctuations in exchange rates. So a Starbucks venti Frappucino served in Beijing counts the same as a venti Frappucino served in Minneapolis, regardless of what happens to be going on among foreign-exchange traders.

PPP is the real way of comparing economies. It is one reported by the IMF and was, for example, the one used by McKinsey & Co. consultants back in the 1990s when they undertook a study of economic productivity on behalf of the British government.

Yes, when you look at mere international exchange rates, the U.S. economy remains bigger than that of China, allegedly by almost 70%. But such measures, although they are widely followed, are largely meaningless. Does the U.S. economy really shrink if the dollar falls 10% on international currency markets? Does the recent plunge in the yen mean the Japanese economy is vanishing before our eyes?

Back in 2012, when I first reported on these figures, the IMF tried to challenge the importance of PPP. I was not surprised. It is not in anyone’s interest at the IMF that people in the Western world start focusing too much on the sheer extent of China’s power. But the PPP data come from the IMF, not from me. And it is noteworthy that when the IMF’s official World Economic Outlook compares countries by their share of world output, it does so using PPP.

Yes, all statistics are open to various quibbles. It is perfectly possible China’s latest numbers overstate output — or understate them. That may also be true of U.S. GDP figures. But the IMF data are the best we have.

Make no mistake: This is a geopolitical earthquake with a high reading on the Richter scale. Throughout history, political and military power have always depended on economic power. Britain was the workshop of the world before she ruled the waves. And it was Britain’s relative economic decline that preceded the collapse of her power.

And it was a similar story with previous hegemonic powers such as France and Spain.

China Just Overtook The US As The World's Largest Economy

By Mike Bird Oct 8 2014

REUTERS/Shannon Stapleton

Sorry, America. China just overtook the US to become the world's largest economy, according to the International Monetary Fund.

Chris Giles at the Financial Times flagged up the change. He also alerted us back in April this year that it was all about to happen.

Basically, the method used by the IMF adjusts for purchasing power parity, explained here.

The simple logic is that prices aren't the same in each country: A shirt will cost you less in Shanghai than San Francisco, so it's not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have. The Economist's Big Mac Index is a great example of these disparities.

So the IMF measures both GDP in market exchange terms, and in terms of purchasing power. On the purchasing power basis, China is overtaking the US right about now and becoming the world's biggest economy.

We've just gone past that cross-over on the chart below, according to the IMF. By the end of 2014, China will make up 16.48% of the world's purchasing-power adjusted GDP (or $17.632 trillion), and the US will make up just 16.28% (or $17.416 trillion):

IMF, Google Public Data Explorer Adjusted for purchasing power, the IMF thinks China's economy is now the world's largest.

Understanding the rise of China by Martin Jacques

http://www.youtube.com/watch?v=oT8ki6ciopI

http://www.youtube.com/watch?v=iVkHEcz1R7c

A Chinese model for emerging economies by Dambisa Moyo

http://www.ted.com/talks/dambisa_moyo_is_china_the_new_idol_for_emerging_economies.html

Here is a 13 year old 7th grader Lia Pan who did some study and research of writing an essay:

The Rise of China and its influences

Lia Pan

March 5 2014

Snyder, Michael. "40 Ways That China Is Beating

America." Infowars 40 Ways That China Is Beating America Comments. N.p., n.d. Web. 04 Mar. 2014.

For the past few years now, China has been running fast and far beyond the charts of economic growth. They are selling more, producing more, and especially making much more money than all the countries combined. China has a current population of over 1.3

billion people, all with families of equal shares of wealth and happiness. Thanks to China, we have many products that we need to use throughout our everyday lives. China has been making everything from producing toothbrushes to manufacturing Apple computers. China has also been taken ownage of different places that like us, Americans, had owned once before for a very long time. For example, cars, theaters, and especially, money. The big difference that many countries look up to and long to have, is a large population. With this big of a population, and these kind of people, China also has the largest foreign pile of money that the’ve been making since the start. The country is also known for its changing and stronger technology like their new and improved spacecraft, the Cheng’e 3 that successfully landed on December 14 2013. China has one of the best manufacturers and producers in the world, and they won’t give up.

CNNmoney news: May 28 2014

Joe Biden is wrong. China does innovate

In fact, innovation is a key driver of China's economy. It has been for years, and the government is putting money behind it.

Chinese companies are increasing research and development spending by up to 20% a year. Meanwhile, R&D spending in the United States is growing at about 1% to 4%.

The investment is paying off for China. The country is now home to some of the world's most innovative companies -- particularly in fields of mobile technology, biotech and medical devices.

Here are a few examples:

Smartphone maker Xiaomi: Founded just four years ago in Beijing, this company is now valued at more than $10 billion and sells just as many phones in China as Apple (AAPL, Fortune 500). It pumps out an updated operating system once a week. Its founder is frequently compared to Steve Jobs.

Tech company Tencent: This firm owns a web of mobile, telecom and online retail businesses that rank among the largest in the world. Tencent has a bigger market cap than Cisco (CSCO, Fortune 500) or Hewlett-Packard (HPQ, Fortune 500), more users than Twitter (TWTR) and more sales than Facebook (FB, Fortune 500). Its messaging app, WeChat, has more features than many of its Western competitors and is sweeping markets from Asia to Africa.

Network maker Huawei: The networks built to carry all that smartphone data? Huawei, a telecom equipment supplier, is second globally only to Ericsson (ERIC). Huawei employs more than 70,000 R&D employees. It's a leading proponent of 5G technology, and it is starting to make cell phones, too.

Biotech firm B.G.I.: This company sequences more DNA than any other institution on earth -- more than Harvard, more than the National Institutes of Health. It's an industry leader with nearly limitless ambition.

There are plenty more. The computer chips made by Fuzhou Rockchip Electronics. The desktops and phones made by Lenovo. The business model that led Alibaba to retail domination.

Related: Meet 4 kings of Alibaba's online retail empire

Baidu, Alibaba challenge Chinese banks

"Biden is playing to an outdated idea of China," said Shaun Rein, author of the forthcoming book "The End of Copycat China." "He is underestimating the rise of innovation in China."

Other experts agree. When McKinsey analysts examined China's economic trajectory in 2011, the country's innovation credentials "seemed like yesterday's question."

The McKinsey researchers said they found innovation "every day in areas such as renewable energy, consumer electronics, instant messaging, and mobile gaming, both at domestic players and at multinationals with significant research and product-development presences."

Of course, in absolute terms, China is not going to replace the United States as the world's top innovator anytime soon. And the country must work to overcome related problems, including a lack of intellectual property protections. The government is, in some sectors, still much too controlling.

But Rein sees the current innovation drive as a sea change.

"Chinese companies are now focused on innovation because they recognize there is so much profit to be made," Rein said.

American firms should be on notice. China is dreaming up new ideas everyday. And the country has been perfecting its ability to execute complex production and manufacturing plans for decades.

"By saying this stuff, Biden is not preparing American firms, or really preparing America, for the threat of Chinese innovation," Rein said.

Oct 10 2018

We are all higher educators and we are not only teaching academic studying to our students but also we are the educators who teaching different cultures.

I would like to share a great piece of speech by Mr. Kevin Rudd. He speaks in English and Chinese. This piece of speech had over 2 millions viewers. It will help us to learn more about China and US.

Here is the link of video:

https://www.ted.com/talks/kevin_rudd_are_china_and_the_us_doomed_to_conflict

The former prime minister of Australia, Kevin Rudd is also a longtime student of China, with a unique vantage point to watch its power rise in the past few decades. He asks whether the growing ambition of China will inevitably lead to conflict with other major powers -- and suggests another narrative.

Mr. Pan

Chinese specialist

Subpages (2): China Business News China Food News

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