Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/30/2014 (2 years ago)

Catholic Online (www.catholic.org)

Asian giant has contributed to one-fourth of the world's economic growth

It's an extremely humbling moment for the United States. For the first time, since 1872 - the U.S. most relinquish the crown of the World\'s Largest Economy to China. That's' from the latest estimates from the International Comparison Program, hosted by the World Bank. And it's due to happen later this very year.

China's economic growth has yet to trickle down to the average Chinese citizen.

China's economic growth has yet to trickle down to the average Chinese citizen.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/30/2014 (2 years ago)

Published in Asia Pacific

Keywords: China, economy, poverty, Chinese citizens


LOS ANGELES, CA (Catholic Online) - The figure reflects just how much more important the Chinese economy is now to the rest of the world. Chinese President Xi Jinping is certain to place the "world's biggest economy" title front and center in the trophy cabinet dedicated his campaign for the "great rejuvenation of the Chinese nation."

There is a dark side to the success story. The living standards of the average Chinese citizen are still far lower than those in many developing countries -- let alone developed nations.

Shop for mom today. Buy her a gift she'll love!

According to the International Monetary Fund, China's economy ranked 93 in per capita purchasing power parity terms - slightly ahead of Turkmenistan and Albania but well behind Libya, Azerbaijan and Suriname.

China's 1.36 BILLION people are unlikely to catch up with Western living standards for many decades to come.

Adjusting the size of an economy, based upon the assumption that prices of non-tradable goods and services - this is generally a lot lower in poorer countries.

How goods or service beyond the price that is paid for it. For example, a haircut in Beijing costs just a pittance. In contrast, people are unlikely to derive the same satisfaction or perceived value from their two-minute crew-cut as someone who paid $100 in New York or even in an expensive hair salon in Beijing.

The average person can buy a cheap toaster or DVD player in Beijing, but if they want one they know will last longer than a couple of months they will pay a lot more than their counterparts in the West, where consumer protection laws are far more robust.

Another major problem in the case of China is the quality of underlying data. In such a vast country controlled by a secretive, authoritarian government, measuring the true size of the economy is very hard.

Since the financial crisis, China has contributed around one quarter of global growth. That's likely to increase given how big its economy has become.

The bigger question is probably the quality of growth and the actual impact it has on the ordinary Chinese citizen.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Asia Pacific

Is all social media fake? Revealed: China owns 448,000,000 FAKE social media profiles, but why? Watch

Image of How many social network accounts are fake?

By Marshall Connolly (CALIFORNIA NETWORK)

The next time you encounter an internet troll, be warned, he could be getting paid to fan the flames, or to douse your conversation. A new study our of Harvard reveals that China is using an army of 448 million fake troll accounts to influence public opinion. And China ... continue reading


Mafia-related demonic possessions cause children to froth at mouth and convulse Watch

Image of Over 80 school children in Peru are believed to be victims of demon possession (YouTube).

By Kenya Sinclair (CALIFORNIA NETWORK)

A "mass demonic possession" has erupted at Peruvian school Elsa Perea Flores, leaving over 80 students convulsing, frothing at the mouth, fainting, and displaying erratic behavior. LOS ANGELES, CA (Catholic Online) - The children, most of whom are between 11 and ... continue reading


Obama to Hiroshima: Will he really be welcome? Watch

Image of US President Barack Obama will be the first sitting president to visit Hiroshima (aljazeera).

By Kenya Sinclair (CALIFORNIA NETWORK)

U.S. President Barack Obama is set to become the first sitting president to visit Hiroshima following the atomic attack August 6, 1945. LOS ANGELES, CA (Catholic Online) - Critics worried Obama's trip was to apologize for the devastation, but according to The New York ... continue reading


Child raped by father then lashed as punishment Watch

Image of India continues to modernize itself but the shift is too slow for many (Wikipedia).

By Kenya Sinclair (CALIFORNIA NETWORK)

India is famous for it's diverse culture, vibrant clothing, incredible festivals, elephant gods, elaborate gold jewelry, the Taj Mahal and spicy food. It is an amazing place for tourists to visit - but what about the natives? LOS ANGELES, CA (Catholic Online) - India ... continue reading


WARNING GRAPHIC VIDEO - Terrorists behead Canadian hostage, release FULL VIDEO Watch

Image of Abu Sayyaf is an ISIS affiliate in the Philippines.

By California Network

Abu Sayyaf, an affiliate of ISIS in the Philippines, has released the full video of the beheading of Canadian hostage, John Ridsdel. LOS ANGELES, CA (California Network) - The graphic video shows the brutal beheading of Canadian hostage, John Ridsdel. He was beheaded ... continue reading


China prepares long-range NUCLEAR WARHEAD in battle for South China Sea Watch

Image of China tested their DF-41 missile (globalsecurity).

By Kenya Sinclair (CALIFORNIA NETWORK)

China continues to test the limits of its DF-41 long-range intercontinental ballistic missile as tensions rise between the country and the U.S. over the South China Sea. LOS ANGELES, CA (Catholic Online) - According to The Free Beacon, Pentagon officials reported the ... continue reading


God's Intervention? Baby girl incredibly survives devastating Japan earthquake Watch

Image of Rescuers discover 8-month-old baby in the rubble of a crumbled building (BBC).

By Kenya Sinclair (CALIFORNIA NETWORK)

Following a 6.5 magnitude earthquake, nine have been reported dead and over 800 people suffered injuries - but God ensured the safety of one blessed little girl. LOS ANGELES, CA (Catholic Online) - According to NBC News, an 8-month-old girl was sleeping peacefully when ... continue reading


No more Christmas in Nepal? Watch

Image of Nepal says no more Christmas.

By Kenya Sinclair (CALIFORNIA NETWORK)

Nepal first recognized Christmas as a national holiday eight years ago, but the 2015 Christmas celebration will be its last. Nepali government officials announced Christmas is no longer recognized as a national holiday, prompting the Christian minority to rise together ... continue reading


'This Christian nursing home is not a place for religious activities': Christians victims of persecution Watch

Image of China destroys thousands of crucifixes to effort to eradicate Christianity (ChinaAid).

By Kenya Sinclair (CALIFORNIA NETWORK)

China's government has destroyed over 1,500 crucifixes in Zhejiang province, China as part of a plan to eradicate the Christian communities. LOS ANGELES, CA (Catholic Online) - Christianity is spreading across China, leading the communist government to grow upset over ... continue reading


We DON'T know it all! Discovery proves Silk Road reached farther than believed Watch

Image of The Silk Road ended with the arrival of sailing ships and modern transportation, but it's mystique still captures the imagination and intrigues historians who appreciate its impact on the development of modern civilization.

By Marshall Connolly (CALIFORNIA NETWORK)

A well-known ancient trade network may have stretched much father than previously believed according to new evidence discovered in Nepal. Chinese-made objects in a 1,600 year-old tomb suggests the Silk Road may have extended south into Nepal. LOS ANGELES, CA ... continue reading


All Asia Pacific News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Daily Readings for Friday, May 27, 2016
  • St. Augustine of Canterbury: Saint of the Day for Friday, May 27, 2016
  • Blessed Mother Teresa of Calcutta HD Video
  • $3,600,000,000,000: the price to repair America
  • :-D MILLENNIALS REJOICE! New emoji Bible translation is coming!
  • States revolt, 11 sue to block disruptive Obama restroom edict, ...
  • Daily Reading for Saturday, May 28th, 2016 HD Video

Daily Readings

Reading 1, Genesis 14:18-20
18 Melchizedek king of Salem brought bread and wine; he was a priest of ... Read More

Psalm, Psalms 110:1, 2, 3, 4
1 [Of David Psalm] Yahweh declared to my Lord, 'Take your seat at my ... Read More

Gospel, Luke 9:11-17
11 But the crowds got to know and they went after him. He made them ... Read More

Reading 2, First Corinthians 11:23-26
23 For the tradition I received from the Lord and also handed on to you ... Read More

Saint of the Day

Saint of the Day for May 26th, 2016 Image

St. Philip Neri
May 26: If one had to choose one saint who showed the ... Read More