Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/30/2014 (7 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 (7 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'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for December 2014
Christmas, hope for humanity:
That the birth of the Redeemer may bring peace and hope to all people of good will.
Parents: That parents may be true evangelizers, passing on to their children the precious gift of faith.



Comments


More Asia Pacific

Horrific school massacre may backfire against Afghanistan Taliban Watch

Image of The Afghanistan military sweeps the streets following the deadly attack on the Peshawar school.

By Troy Dredge, Catholic Online

As members of Afghanistan's Taliban swept through an army-run school in Peshawar, the results were horrifying. Unarmed children cowered under benches as armed gunmen indiscriminately slaughtered all who stood in their path. All told, 132 children and nine school ... continue reading


Making good on Mao: China begins massive water transfer project, worlds largest Watch

Image of Once the final western leg of the project is completed, the canal system will reroute roughly 45 billion cubic meters of water annually across the country.

By Troy Dredge, Catholic Online

China has made good on one of the late Chairman Mao's visions with the world's largest transfer project. Those living in the dry, Northern provinces turned on their taps December 12 and enjoyed water from all the way in the distant Hubei province. Invention ... continue reading


This is the new face of terrorism! Two dead after gun battle in Sydney Australia Watch

Image of Australian police stand outside a cafe in Sydney, in a 17 hour standoff with an Iranian immigrant that left two dead.

By Matt Waterson (NEWS CONSORTIUM)

In Australia, security forces stormed a cafe where a gunman was holding several hostages, ending a 16 hour siege. LOS ANGELES, CA (Catholic Online) - Australian media has reported that two people, including the gunman, were killed after the security forces stormed the ... continue reading


More priests and male clergy encouraged to join fight against human trafficking Watch

Image of An Indian sex worker hides her face from the camera. More Catholic clergy are working to free women like these.

By Catholic Online (NEWS CONSORTIUM)

Disguised along with local police officers, nuns in India have assisted local law enforcement in raids against brothels. Many women and young girls - some as young as 12 years of age, are saved from lives of prostitution. There are now calls for more members of the ... continue reading


'Twitter' used as a weapon of warfare: Indian man found tweeting pro-Islamist State messages Watch

Image of The Islamic States has used social media to spread its propaganda.

By Catholic Online (NEWS CONSORTIUM)

It has long been said that the next war would be an information war. An Indian man, since arrested, has been caught posting pro-Islamist State messages on Internet posting boards Twitter. LOS ANGELES, CA (Catholic Online) - Twenty-four-year-old engineer Mehdi Masroor ... continue reading


Chinese freight train makes world record trip through '21st Century Silk Railway' Watch

Image of The lengthy trip was all part of a plan to check the viability of adding Spain to a rail link that already connects China with Germany five times a week.

By Catholic Online (NEWS CONSORTIUM)

A Chinese freight train hauling Christmas cheer set a new record after finishing a three-week journey, the longest in the world, from Yiwu in Zhejiang Province to Spain's capital, Madrid. LOS ANGELES, CA (Catholic Online) - Traveling more than 8,000 miles of ... continue reading


For girls in rural Uttar Pradesh, internet access and computer skills can be the difference between life and death Watch

Image of While many government-run schools in India do teach children how to use the internet and computers, rural regions of the country often have no such luck.

By Matt Waterson (NEWS CONSORTIUM)

India is one of the world's fastest growing developing nations, and internet use in the country is also growing despite low-but increasing-wages. However, internet-literacy in this country, where more and more jobs require computer skills and internet access for ... continue reading


Mongolia to receive its first deacon - from Mongolia Watch

Image of The Catholic Church in Mongolia is small, but growing, dominated by foreign-born missionaries.

By Troy Dredge, Catholic Online

The Apostolic Prefecture of Ulaanbaatar in Mongolia will receive its first indigenous deacon, 23-year-old Enkh Baatar during an ordination this week in South Korea. What's remarkable is that Baatar is Mongolian-born, in an area where the church is dominated by ... continue reading


Indian father strangles daughter's rapist, mutilates attacker with hot tongs Watch

Image of The rapist was a tenant of the 14-year-old daughter's father.

By Catholic Online (NEWS CONSORTIUM)

A 36-year-old father lured the suspected rapist of his 14-year-old daughter into his Delhi home and cooked him dinner before slipping him a sleeping pill. He then strangled and applied burning hot tongs to his daughter's attacker's genitals. The father of six ... continue reading


In Nepal, largest mass religious slaughter takes place in reverence to Hindu goddess Watch

Image of About 5 million Hindus from Nepal and neighboring India took part in a religious festival dedicated to the goddess Gadhimai where 10,000 Buffalo calves and 150,000 goats were slaughtered.

By Catholic Online (NEWS CONSORTIUM)

The world's largest religious mass slaughter occurred in Nepal on November 29, a religious festival in the Hindu tradition dedicated to the goddess Gadhimai. LOS ANGELES, CA (Catholic Online) - Motilal Kushwaha was just one of the tens of thousands who took part in ... continue reading


All Asia Pacific News

Newsletters

Newsletter Sign Up icon

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

Saint of the Day

Saint of the Day for December 18th, 2014 Image

St. Rufus
December 18: Rufus and Zosimus were citizens of Antioch (or perhaps Philippi) ... 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