Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/30/2014 (11 months 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 (11 months 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Asia Pacific

CHINESE BEAT COLUMBUS: Bronze artifacts suggest East Asia traded with New World 2,600 years ago Watch

Image of Archaeologists have discovered a bronze and leather buckle and a bronze whistle, dating to around 600 A.D.

By Catholic Online (NEWS CONSORTIUM)

According to a series of bronze artifacts found at the "Rising Whale" site in Cape Espenberg, Alaska, trade was taking place between East Asia and the New World hundreds of years before Christopher Columbus arrived in 1492. LOS ANGELES, CA (Catholic Online) - ... continue reading


Pakistani Christian boy dies after being set on fire by Muslims Watch

Image of Fourteen-year-old Nauman Masih said he did not know the identities of his attackers. His attending physician, Dr. Shahid Hussain confirmed Nauman's death this week.

By Catholic Online (NEWS CONSORTIUM)

Fourteen-year-old Nauman Masih, a Pakistani Christian boy has died five days after being set on fire by two Muslim men. Nauman was set on fire in an apparent sectarian attack in Lahore, the provincial capital of Punjab, last week. Fifty percent of his body was ... continue reading


One million people forced to harvest Uzbek cotton last year Watch

Image of An Uzbek woman picks cotton at a field near the Uzbek capital of Tashkent.

By Maria Caspani, Thomson Reuters Foundation

The Uzbek government forced into labor more than one million people in the 2014 cotton harvest, while officials siphoned off profits at unprecedented levels, a rights group said on Monday. NEW YORK (Thomson Reuters Foundation) - More public service workers were ... continue reading


Mass whale stranding in Japan spurs fear of impending earthquake Watch

Image of Experts say that while it was possible the whales frightened by disturbances in the Earth's electromagnetic field caused by movement in the tectonic plates, there were was no firm evidence of this.

By Catholic Online (NEWS CONSORTIUM)

Could it be an ominous forebear of an impending natural catastrophe? The mass stranding of 160 melon-headed whales on two beaches in Japan has many fearful that it portends an earthquake and tsunami. A species of dolphin, the whales were found washed up along a ... continue reading


Anti-vaccination parents in Australia denied up to $15,000 in benefits Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

In Australia, starting January 2016, changes in childcare and welfare will take effect and will take toll on parents who refuse to have their children vaccinated. The No Ja, No Play campaign by The Sunday Telegraph has won the support to protect children through ... continue reading


American aid worker deported from North Korea for alleged spying Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

Accused of anti-Pyongyang plot-breeding, Sandra Suh was deported from North Korea and arrived in Beijing, China this week, according to the United States Embassy spokesman Nolan Barkhouse. The American aid worker had been frequenting North Korea "under the pretense of ... continue reading


WORLDWIDE WARNING!: Missing Malaysian aircraft MH370 may be stored in Muslim country and used to carry out nuclear attacks on U.S. Watch

Image of After months of intense searching, no evidence of the planes remainings has been located in the water, despite the high technology used to search. (AFP, Getty Images)

By Abigail James (NEWS CONSORTIUM)

Locals from a small island community in the Maldives claim they saw an unusual large jet flying very low over their island of Kudahuvadhoo on March 8, 2014, the day Malaysia Airlines flight MH370 disappeared with 239 people on board. LOS ANGELES, CA (Catholic Online) ... continue reading


Amazing ancient underground city uncovered in Turkey Watch

Image of Millions of years ago, volcanic activity covered the region under several layers of ash. Erosion then created a landscape of rock formations and spires known as

By Catholic Online (NEWS CONSORTIUM)

Hiding underground from malevolent forces has always been with humankind, it appears. Builders in Turkey accidentally found one of the largest and most complex underground cities in the otherworldly region of Cappadocia. LOS ANGELES, CA (Catholic Online) - The ... continue reading


Hidden pyramid in Indonesia could be four times older than ones in Egypt Watch

Image of The terraces are bordered by retaining walls of stone that can be accessed by 400 steps rising around 311 feet.

By Catholic Online (NEWS CONSORTIUM)

A hidden pyramid in an Indonesian hillside could rewrite ancient history. Egypt's oldest pyramid was built 5,000 years ago. If archaeologists are correct, the one found in Indonesia could be as old as 20,000 years old, four times older than the ones in Egypt. ... continue reading


Exposing secrets: American journalist posed as teacher in North Korea gains insight into an intesnse lifestyle Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

Students from the Pyongyang University of Science and Technology had no reaction when Suki Kim, an American writer and journalist posing as their Christian missionary teacher, flashed images of the United Nations, Taj Mahal and the Great Pyramids of Giza, as she told ... continue reading


All Asia Pacific News

Newsletters

Newsletter Sign Up icon

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

Daily Readings

Reading 1, Acts 7:51--8:1
51 'You stubborn people, with uncircumcised hearts ... Read More

Psalm, Psalms 31:3-4, 6, 7, 8, 17, 21
3 You are my rock, my rampart; true to your name, ... Read More

Gospel, John 6:30-35
30 So they said, 'What sign will you yourself do, the ... Read More

Saint of the Day

Saint of the Day for April 21st, 2015 Image

St. Anselm
April 21: St. Anselm Archbishop of Canterbury and Confessor APRIL 21,A.D. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter