Analysis of current economic conditions and policy
US-China Nominal GDP, Per capita GDP in PPP Terms
From IMF WEO:
26 thoughts on “US-China Nominal GDP, Per capita GDP in PPP Terms”
pgl
And Bruce Hall just told us that these two economies are “comparable”!
I said the other day Princeton Steve had a huge lead over Bruce in the race for 2024 troll of the year. It seems Bruce just took over 1st place.
Ithaqua
They are comparable! And I’ve compared my basketball skills to Wilt Chamberlain’s many times!… uhhh….
pgl
But as Brucie is now saying – you are not identical to Wilt! Also – Brucie has now declared that all per capita comparisons should be ignored. Yea – he is that stupid.
China has been very selective (planned) about its economic growth while the US economy is more “organic”.
The US does have dominance in the service sector (plumbing, landscaping, repairs, etc.) which accounts for about 80% of US GDP vs about 50% for China. But having dominance in the service sector does not necessarily translate into greater competitiveness in the global markets nor add to its ability to produce critical technology for incidental efforts like building a formidable military.
pgl
Apparently Brucie Boy is worried that China may be making good movies. I guess this know nothing never watched the incredible films produced bhy Zhang Yimou some 40 plus years ago. BTW Brucie – there is this new invention called smart phones. Try one out.
Bruce Hall
pgl, thanks for following me. I have no doubt your life is enriched with new perspectives. I tried watching a couple made-in-China movies, but they were generally bad. Still, they apparently have a big home audience. Which one was your favorite? Probably the “Per Capita Decapita”.
Now that Biden has become a China hawk, you have changed your tune to fall in line. NPR, your hated conservative media outlet, reported in 2022 that, President Biden has made a clean break with the policies of his predecessor in many areas. But not when it comes to trade with China.
The Biden administration isn’t scrapping a trade deal brokered by former President Donald Trump in the final year of his presidency. Instead, it plans to pressure China for not meeting its promises made under that deal.
The Biden administration also plans to broadly maintain Trump’s tariffs on U.S. imports of Chinese goods, though it will reopen an exclusion process to provide exemptions for certain goods.
In other words, key elements of Trump China trade policy will remain intact. In a major speech on the issue Monday, U.S. Trade Representative Katherine Tai said the administration won’t take any tools off the table, including the possibility of additional tariffs in the future.
Now that he has to suck up to unions, Biden seeks to out Trump Trump and get really “tough” on China.
That’s got to be conflicting for you. But not to worry because China’s per capita GDP is much smaller than the US so it can’t possibly be a threat to the US… economically or otherwise. Joe is just kidding. He knows that someplace has to use exploited labor and ruinous environmental policies to make all the goodies that the US wants that can’t be done here anymore. (Gee, I wonder if he couldn’t just impose a general 100% tariff on all imports from all places and then we can make more steel in Scranton among other things… maybe aluminum in Albuquerque).
Actually, I agree with Biden that we shouldn’t rewarding China with our trade because they are as serious a threat to the world order that Stalin or Hitler was. But there is a price to pay for that… much higher prices for what we import or make and a loss of a big export market. That could affect our per capita GDP.
btw, your tantrums are telling. You need to grow up a bit.
pgl
Maga moron Bruce Hall fails to read his own links again?
China had established a “stunning lead in high-impact research” under government programs.The report called for democratic nations to collaborate more often to create secure supply chains and “rapidly pursue a strategic critical technology step-up”.
Well that is because the President of the USA from 2017 to the end of 2020 was a do nothing moron – much like Bruce Hall. Biden is trying to reverse that but our favorite Maga Moron has consistently criticized Biden for doing so.
Hey Brucie – I’m beginning to realize you do not even read your own comments!
pgl
“According to data published by the United Nations Statistics Division, China accounted for 28.7 percent of global manufacturing output in 2019. That puts the country more than 10 percentage points ahead of the United States, which used to have the world’s largest manufacturing sector until China overtook it in 2010.”
And how does this translate into per capita production? Oh wait – doing things in per capita terms according to our favorite MAGA moron is socialism. Damn Bruce – you can relax as you have the race for 2024 troll of the year DOWN!
pgl
‘China’s lead over the US in chip startup funding is bigger than ever before’
The ignorance of Brucie Boy is staggering. Japan followed by South Korea and Taiwan was taking over the production of semiconductors some 40 years ago under RONALD REAGAN.
But may that picture of Nvidia should have gotten little Brucie boy’s incompetent brain thinking. Oh wait – he is incapable of thinking. OK for the adults int he room – Nvidia stock is soaring as this US semiconductor DESIGN company is light years ahead of the competition. But that escapes little Brucie boy as he has not yet learned to tie his own shoes laces.
pgl
At four times the size of the U.S., China’s population makes it the golden goose of the film industry. “China’s audience will one day be bigger than the U.S.,” predicts Qiaowei Shen, Wharton marketing professor. Moreover, the average Chinese citizen goes to the movies less than once a year while the average American goes almost four times a year. “There’s huge potential [for growth] if the average Chinese person [just] goes to the movies two times a year, then box office receipts will increase by two times,” she notes.
Oh my – little Brucie boy links to an article that does things in per capita terms. Little Brucie is about to be kicked out of his favorite clubs of racists and MAGA morons for this horrific sin. Brucie – I feel your pain!
pgl
NBER WORKING PAPER SERIES
ECONOMIC GROWTH AND CONVERGENCE ACROSS THE UNITED STATES
Robert J. Barro & Xavier Sala I Martin
This 1990 paper explains the basic economics and then takes what the authors did looking at data for 98 nations and applying to how poor states might grow faster than rich states. Since MAGA types typically live in poorer state – one might expect them to be interesting in this paper.
Of course do not expect MAGA Bruce Hall to read it as it is economics which is not Brucie’s thing.
In a more cohesive system like the US where geographic redistribution is easier, you’ve seen a migration of production from high cost states to lower cost state if highly skilled/educated employees is not an absolute necessity. Other considerations for moving production from country to country would, of course, be cost of land, taxes, extent of regulations and government corruption. If not, you’d expect per capita doubling of GCP to be much faster for sub-Saharan Africa than the Eurozone.
Per capita GDP is a nice measure for how well off individuals are (in general), but not necessarily a good measure of the absolute size/power/dominance of the overall economy. So, yes, the US leads world economies by a large margin overall, but in areas of global competitiveness, China is quite comparable and in some critical areas leads the US. https://www.worlddata.info/largest-economies.php#google_vignette
pgl
“China is quite comparable and in some critical areas leads the US.”‘
But comparable is not the same thing as identical? OK! And per capita income comparisons are not the bread and butter of economic growth?
Oh yes – Brucie figured out some nations might have lower wages than others. Does this moron have a clue why? Of course not.
Seriously folks – is there a single person out there who cares a damn about Brucie boy? If so, could you PLEASE tell this clown how much he is embarrassing himself with each and every one of his moronic comments?
Bruce Hall
But comparable is not the same thing as identical? OK! And per capita income comparisons are not the bread and butter of economic growth?
Well, pgl, there is growth and there is absolute size. China’s per capita numbers are much lower than the US, but that’s hardly the whole story. As I mentioned in a previous comment, US GDP is heavily skewed toward services which is fine domestically, but doesn’t do a helluva lot for us globally. https://statisticstimes.com/economy/united-states-vs-china-economy.php
pgl
Here’s how we know that MAGA moron did not read that Barro paper. Convergence was all about income per capita not the income two states with very different sizes. Since Barro did talk about state GDP convergence – what Brucie … you did not know that – it seems California’s state income s 12 times that of South Carolina. Wow Haley was terrible and Newsome’s a God – right Brucie?
Now if you say no – then your getting little panties in a bunch over China’s economic activity in absolute terms approaching that of the US is dumber than a retarded dog. But hey – Brucie is a stupid retarded dog so it figures.
It does seem Cali’s population is 7.25 times that of South Carolina which begs the right criteria. Cali’s income PER CAPITA is a mere $100 thousand a year whereas the good folks in SC being in a whopping $60 thousand a year. Oh wait.
Well the good news for Brucie – he can buy new panties cheap in South Carolina. MAGA!
Macroduck
Log alert!!! Everybody look at the vertical scale before saying anything you’ll regret.
China’s per capita GDP is well less than half that in the U.S., but if you ignore the scale, you’re likely to miss that fact.
Moses Herzog
Terrific point. It can “kind of” visually fools you if you’re not focusing on the numbers associated with the line. I’d like to think I would have caught that on my own, but probably like after the 10th re-look.
pgl
The World Bank says on a PPP basis that China income per capita = $25,000 while the US’s is over $85,300. So China’s is less than 30% of the US. But Brucie says this is comparable as he can multiply the former by three just like Trump inflated the size of his Upper East side condo by a factor of 3. MAGA.
Moses Herzog
We had some strong disagreements in my early days here on the blog. I felt you “double teamed” against me with Rosser sometimes. I never “sold out” your REAL name (after I figured it out) did I?? You know why I respect you “pgl”?? Because if you weren’t such an honest guy, I never would have figured out who you were. That speaks VOLUMES about you as a person. So If I say “Hey first name Mr H”, and you feel confused why it’s different than your real first name, You’ll know to Uncle Moses. Your first name “H” stands for Honest.
Macroduck
You’ll never catch me, see? Myah, myah, never gonna catch me, copper.
Moses Herzog
I got off track looking for you MD. This one will be a tougher case for “Equalizer’s” Robert McCall here. You’ll notice pgl always gets quiet when I make these style comments, which proves I got it right. I’m actually attempting to give him comfort his secret is safe, but I don’t know how he is perceiving it.
Bruce Hall
pgl, thanks for thinking of me again. You’ve become my bestie.
I don’t believe I proposed per capita GDP as the measure of being comparable although it is a nice metric to compare general individual wealth. You’ll see my perspective in that regard in other recent comments.
Bruce Hall: Clarification. Per capita income is a flows. Wealth is a stock. Like total savings of of stocks, bonds, real estate is a stock. Income per year is a flow.
Ivan
Thank you for clarifying the basics (and I really mean that). The audience here is a mixed bag of professionals and some who never even took Econ 101. You are a true Professor and teacher – recognizing the lack of knowledge, then fixing it. I am sure you could give a great lecture on flows, stocks and their interaction.
Pgl
So Brucie Hall thinks per. Spitalfields income is not a particularly important economic concept. Hey Brucie .. when I suggested your IQ was in the teens that was a serious overestimate
pgl
per. Spitalfields income should be per capita income. Of course any comment that starts with Bruce Hall “thinks” has already gone awry.
And Bruce Hall just told us that these two economies are “comparable”!
I said the other day Princeton Steve had a huge lead over Bruce in the race for 2024 troll of the year. It seems Bruce just took over 1st place.
They are comparable! And I’ve compared my basketball skills to Wilt Chamberlain’s many times!… uhhh….
But as Brucie is now saying – you are not identical to Wilt! Also – Brucie has now declared that all per capita comparisons should be ignored. Yea – he is that stupid.
Well, pgl, I didn’t say “identical”, but thanks for your interest.
• https://www.reuters.com/technology/china-leads-us-global-competition-key-emerging-technology-study-says-2023-03-02/
• https://www.bloomberg.com/news/newsletters/2024-04-16/china-extends-clean-tech-dominance-over-us-despite-biden-s-ira-blueprint
• https://qz.com/semiconductor-ai-chips-venture-capital-funding-nvidia-s-1851205542
• https://www.statista.com/chart/20858/top-10-countries-by-share-of-global-manufacturing-output/ (China manufacturing is almost as large as the US, Japan, and Germany combined.
China hasn’t attempted to become the world’s largest beef producer or surpass Hollywood in films (but it’s getting close on the latter) https://knowledge.wharton.upenn.edu/article/lights-china-action-how-china-is-getting-into-the-global-entertainment-business/
China has been very selective (planned) about its economic growth while the US economy is more “organic”.
The US does have dominance in the service sector (plumbing, landscaping, repairs, etc.) which accounts for about 80% of US GDP vs about 50% for China. But having dominance in the service sector does not necessarily translate into greater competitiveness in the global markets nor add to its ability to produce critical technology for incidental efforts like building a formidable military.
Apparently Brucie Boy is worried that China may be making good movies. I guess this know nothing never watched the incredible films produced bhy Zhang Yimou some 40 plus years ago. BTW Brucie – there is this new invention called smart phones. Try one out.
pgl, thanks for following me. I have no doubt your life is enriched with new perspectives. I tried watching a couple made-in-China movies, but they were generally bad. Still, they apparently have a big home audience. Which one was your favorite? Probably the “Per Capita Decapita”.
Now that Biden has become a China hawk, you have changed your tune to fall in line. NPR, your hated conservative media outlet, reported in 2022 that, President Biden has made a clean break with the policies of his predecessor in many areas. But not when it comes to trade with China.
The Biden administration isn’t scrapping a trade deal brokered by former President Donald Trump in the final year of his presidency. Instead, it plans to pressure China for not meeting its promises made under that deal.
The Biden administration also plans to broadly maintain Trump’s tariffs on U.S. imports of Chinese goods, though it will reopen an exclusion process to provide exemptions for certain goods.
In other words, key elements of Trump China trade policy will remain intact. In a major speech on the issue Monday, U.S. Trade Representative Katherine Tai said the administration won’t take any tools off the table, including the possibility of additional tariffs in the future.
Now that he has to suck up to unions, Biden seeks to out Trump Trump and get really “tough” on China.
That’s got to be conflicting for you. But not to worry because China’s per capita GDP is much smaller than the US so it can’t possibly be a threat to the US… economically or otherwise. Joe is just kidding. He knows that someplace has to use exploited labor and ruinous environmental policies to make all the goodies that the US wants that can’t be done here anymore. (Gee, I wonder if he couldn’t just impose a general 100% tariff on all imports from all places and then we can make more steel in Scranton among other things… maybe aluminum in Albuquerque).
Actually, I agree with Biden that we shouldn’t rewarding China with our trade because they are as serious a threat to the world order that Stalin or Hitler was. But there is a price to pay for that… much higher prices for what we import or make and a loss of a big export market. That could affect our per capita GDP.
btw, your tantrums are telling. You need to grow up a bit.
Maga moron Bruce Hall fails to read his own links again?
China had established a “stunning lead in high-impact research” under government programs.The report called for democratic nations to collaborate more often to create secure supply chains and “rapidly pursue a strategic critical technology step-up”.
Well that is because the President of the USA from 2017 to the end of 2020 was a do nothing moron – much like Bruce Hall. Biden is trying to reverse that but our favorite Maga Moron has consistently criticized Biden for doing so.
Hey Brucie – I’m beginning to realize you do not even read your own comments!
“According to data published by the United Nations Statistics Division, China accounted for 28.7 percent of global manufacturing output in 2019. That puts the country more than 10 percentage points ahead of the United States, which used to have the world’s largest manufacturing sector until China overtook it in 2010.”
And how does this translate into per capita production? Oh wait – doing things in per capita terms according to our favorite MAGA moron is socialism. Damn Bruce – you can relax as you have the race for 2024 troll of the year DOWN!
‘China’s lead over the US in chip startup funding is bigger than ever before’
The ignorance of Brucie Boy is staggering. Japan followed by South Korea and Taiwan was taking over the production of semiconductors some 40 years ago under RONALD REAGAN.
But may that picture of Nvidia should have gotten little Brucie boy’s incompetent brain thinking. Oh wait – he is incapable of thinking. OK for the adults int he room – Nvidia stock is soaring as this US semiconductor DESIGN company is light years ahead of the competition. But that escapes little Brucie boy as he has not yet learned to tie his own shoes laces.
At four times the size of the U.S., China’s population makes it the golden goose of the film industry. “China’s audience will one day be bigger than the U.S.,” predicts Qiaowei Shen, Wharton marketing professor. Moreover, the average Chinese citizen goes to the movies less than once a year while the average American goes almost four times a year. “There’s huge potential [for growth] if the average Chinese person [just] goes to the movies two times a year, then box office receipts will increase by two times,” she notes.
Oh my – little Brucie boy links to an article that does things in per capita terms. Little Brucie is about to be kicked out of his favorite clubs of racists and MAGA morons for this horrific sin. Brucie – I feel your pain!
NBER WORKING PAPER SERIES
ECONOMIC GROWTH AND CONVERGENCE ACROSS THE UNITED STATES
Robert J. Barro & Xavier Sala I Martin
https://www.nber.org/system/files/working_papers/w3419/w3419.pdf
This 1990 paper explains the basic economics and then takes what the authors did looking at data for 98 nations and applying to how poor states might grow faster than rich states. Since MAGA types typically live in poorer state – one might expect them to be interesting in this paper.
Of course do not expect MAGA Bruce Hall to read it as it is economics which is not Brucie’s thing.
pgl, thanks for thinking of me again.
Cheap labor can be an advantage for growth if other important factors are in play, but the generality is not necessarily the rule. Otherwise, you’d expect a rapid closing of the gap between rich nations and poor nations.
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(real)_per_capita_growth_rate
In a more cohesive system like the US where geographic redistribution is easier, you’ve seen a migration of production from high cost states to lower cost state if highly skilled/educated employees is not an absolute necessity. Other considerations for moving production from country to country would, of course, be cost of land, taxes, extent of regulations and government corruption. If not, you’d expect per capita doubling of GCP to be much faster for sub-Saharan Africa than the Eurozone.
Per capita GDP is a nice measure for how well off individuals are (in general), but not necessarily a good measure of the absolute size/power/dominance of the overall economy. So, yes, the US leads world economies by a large margin overall, but in areas of global competitiveness, China is quite comparable and in some critical areas leads the US.
https://www.worlddata.info/largest-economies.php#google_vignette
“China is quite comparable and in some critical areas leads the US.”‘
But comparable is not the same thing as identical? OK! And per capita income comparisons are not the bread and butter of economic growth?
Oh yes – Brucie figured out some nations might have lower wages than others. Does this moron have a clue why? Of course not.
Seriously folks – is there a single person out there who cares a damn about Brucie boy? If so, could you PLEASE tell this clown how much he is embarrassing himself with each and every one of his moronic comments?
But comparable is not the same thing as identical? OK! And per capita income comparisons are not the bread and butter of economic growth?
Well, pgl, there is growth and there is absolute size. China’s per capita numbers are much lower than the US, but that’s hardly the whole story. As I mentioned in a previous comment, US GDP is heavily skewed toward services which is fine domestically, but doesn’t do a helluva lot for us globally.
https://statisticstimes.com/economy/united-states-vs-china-economy.php
Here’s how we know that MAGA moron did not read that Barro paper. Convergence was all about income per capita not the income two states with very different sizes. Since Barro did talk about state GDP convergence – what Brucie … you did not know that – it seems California’s state income s 12 times that of South Carolina. Wow Haley was terrible and Newsome’s a God – right Brucie?
Now if you say no – then your getting little panties in a bunch over China’s economic activity in absolute terms approaching that of the US is dumber than a retarded dog. But hey – Brucie is a stupid retarded dog so it figures.
It does seem Cali’s population is 7.25 times that of South Carolina which begs the right criteria. Cali’s income PER CAPITA is a mere $100 thousand a year whereas the good folks in SC being in a whopping $60 thousand a year. Oh wait.
Well the good news for Brucie – he can buy new panties cheap in South Carolina. MAGA!
Log alert!!! Everybody look at the vertical scale before saying anything you’ll regret.
China’s per capita GDP is well less than half that in the U.S., but if you ignore the scale, you’re likely to miss that fact.
Terrific point. It can “kind of” visually fools you if you’re not focusing on the numbers associated with the line. I’d like to think I would have caught that on my own, but probably like after the 10th re-look.
The World Bank says on a PPP basis that China income per capita = $25,000 while the US’s is over $85,300. So China’s is less than 30% of the US. But Brucie says this is comparable as he can multiply the former by three just like Trump inflated the size of his Upper East side condo by a factor of 3. MAGA.
We had some strong disagreements in my early days here on the blog. I felt you “double teamed” against me with Rosser sometimes. I never “sold out” your REAL name (after I figured it out) did I?? You know why I respect you “pgl”?? Because if you weren’t such an honest guy, I never would have figured out who you were. That speaks VOLUMES about you as a person. So If I say “Hey first name Mr H”, and you feel confused why it’s different than your real first name, You’ll know to Uncle Moses. Your first name “H” stands for Honest.
You’ll never catch me, see? Myah, myah, never gonna catch me, copper.
I got off track looking for you MD. This one will be a tougher case for “Equalizer’s” Robert McCall here. You’ll notice pgl always gets quiet when I make these style comments, which proves I got it right. I’m actually attempting to give him comfort his secret is safe, but I don’t know how he is perceiving it.
pgl, thanks for thinking of me again. You’ve become my bestie.
I don’t believe I proposed per capita GDP as the measure of being comparable although it is a nice metric to compare general individual wealth. You’ll see my perspective in that regard in other recent comments.
Bruce Hall: Clarification. Per capita income is a flows. Wealth is a stock. Like total savings of of stocks, bonds, real estate is a stock. Income per year is a flow.
Thank you for clarifying the basics (and I really mean that). The audience here is a mixed bag of professionals and some who never even took Econ 101. You are a true Professor and teacher – recognizing the lack of knowledge, then fixing it. I am sure you could give a great lecture on flows, stocks and their interaction.
So Brucie Hall thinks per. Spitalfields income is not a particularly important economic concept. Hey Brucie .. when I suggested your IQ was in the teens that was a serious overestimate
per. Spitalfields income should be per capita income. Of course any comment that starts with Bruce Hall “thinks” has already gone awry.