Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/30/2014 (8 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 (8 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 January 2015
General Intention:
That those from diverse religious traditions and all people of good will may work together for peace.
Missionary Intention: That in this year dedicated to consecrated life, religious men and women may rediscover the joy of following Christ and strive to serve the poor with zeal.



Comments


More Asia Pacific

There's always the Sun: Bangladesh takes steps to become the 'first solar nation' Watch

Image of The Bangladeshi government aims to provide electricity to all of the country's households by 2021.

By Pantho Rahaman, Thomson Reuters Foundation

Residents of Islampur, a remote village in the northern Bangladeshi district of Naogaon, were stunned one night last summer when the darkness was suddenly illuminated by electric lights coming from a village home. DHAKA, Bangladesh (Thomson Reuters Foundation) - ... continue reading


Who will win China's war on women? 33 million more men than women in China Watch

Image of China has the largest disparity between men and women; there are 33 million more men than women in China.

By Matt Waterson (NEWS CONSORTIUM)

China's ongoing issue with a growing population and a disparity in the numbers between each gender is only getting worse; as 2014 there were 33 million more men in China than women. LOS ANGELES, CA (Catholic Online) - China's longstanding family restrictions and ... continue reading


India turns on Christians; 2014's wave of religious terror leaves many fearing state-sponsored persecution to come Watch

Image of 2014 saw a wave of violence in India as Hindu nationalists targeted Christians. Five people died and thousands were subjected to violence.

By Matt Waterson (NEWS CONSORTIUM)

Last year was not a great year for Christianity. Persecution and murder were rampant in the Middle East-especially in Syria and Iraq-throughout Africa and even India. LOS ANGELES, CA (Catholic Online) - In 2014, India saw a wave of violence towards Christians that ... continue reading


Death of the red dragon? Why China's economic boom is about to bust Watch

Image of One of China's many ghost towns. Built at the height of a massive real estate boom, many Chinese cities and suburbs now lay empty.

By Matt Waterson (NEWS CONSORTIUM)

Long the boogie man of the United States and the west, China's economic growth has slammed to a halt, hitting its slowest rate since 1990. LOS ANGELES, CA (Catholic Online) - The U.S. needn't be afraid of the lurking threat of Chinese economic hegemony, as the Asian ... continue reading


How did President Obama know North Korea was behind the Sony hack? Because we hacked them first! Watch

Image of Access to the Internet is highly limited in North Korea, and only a select few individuals of high rank in the Communist party may access it unfiltered and restricted.

By Matt Waterson (NEWS CONSORTIUM)

Many Internet security experts and firms were quick to question President Barack Obama's claim that North Korea was behind the hack of Sony Pictures Entertainment in December of 2014, especially so soon after the hacks took place. But the New York Times has ... continue reading


Barbarically appalling death penalty executions revived in Indonesia, starting with two female drug smugglers Watch

Image of Hurting from drug use, Indonesia begins executing death row drug smugglers.

By Abigail James (NEWS CONSORTIUM)

Six drug smugglers were shot dead by firing squads in Indonesia, Southeast Asia's largest drug market. 40 to 50 people die each day from drugs in Indonesia, according to the National Anti-Narcotic Agency. LOS ANGELES, CA (Catholic Online) - Trying to protect the people ... continue reading


In Manilla, Pope Francis condemns mankind for destroying the environment Watch

Image of Pope Francis wore a rain poncho during much of his time in Manila, and left early to avoid an incoming tropic storm.

By Matt Waterson (NEWS CONSORTIUM)

There's a new voice speaking out on climate change, as Pope Francis entered the ring, calling on mankind to fulfill the charge they were given by God to steward the world and all of creation. LOS ANGELES, CA (Catholic Online) - Pope Francis made his remarks at a ... continue reading


Spread the Reign of Christ Throughout the World! Pope Francis Tells Crowd of 7 Million in the Philippines Watch

Image of May the Santo Nino (Holy Child Jesus) continue to bless the Philippines and may he sustain the Christians of this great nation in their vocation to be witnesses and missionaries of the joy of the Gospel, in Asia and in the whole world.- Pope Francis

By Deacon Keith Fournier

Sometimes, when we see the troubles, difficulties and wrongs all around us, we are tempted to give up. It seems that the promises of the Gospel do not apply; they are unreal. But the Bible tells us that the great threat to God's plan for us is, and always has ... continue reading


Jesus is Lord! He Never Lets Us Down! Evangelical Catholic Pope Francis Speaks to Faithful in Taclobban, Philippines Watch

Image of Pope Francis preaches the Good News in Tacloban, Philippines.

By Deacon Keith Fournier

I've come to tell you that Jesus is Lord, and he never lets us down. Jesus is there, nailed to the cross, and from there he does not let us down. He was consecrated as Lord on that throne and there he experienced all the calamities that we experience. The Lord ... continue reading


Abducted for 24 years! This Chinese family is reunited at last Watch

Image of Sun Bin, reunited with his father Sun Youhong for the first time in 24 years.

By Matt Waterson (NEWS CONSORTIUM)

A Chinese man who was abducted as a toddler back in 1991 has been reunited with his father after 24 years. LOS ANGELES, CA (Catholic Online) - Sun Bin was taken from his father at a market when he was just four-years-old. He was sold to a family in Jiangsu province on ... 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, Hebrews 10:1-10
1 So, since the Law contains no more than a ... Read More

Psalm, Psalms 40:2, 4, 7-8, 10, 11
2 He pulled me up from the seething chasm, from the ... Read More

Gospel, Mark 3:31-35
31 Now his mother and his brothers arrived and, ... Read More

Saint of the Day

Saint of the Day for January 27th, 2015 Image

St. Angela Merici
January 27: When she was 56, Angela Merici said "No" to the Pope. She was ... 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