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Pictured above: this graph is inaccurate and still shows China’s economy 25% bigger than Uncle Sam’s.
Sixteen years on the streets, living and working with the people of China, Jeff
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Recently, there’s been a lot of talk about the gross domestic product of China versus the United States, Europe and the rest of the world.
When I went to China in June, I took a couple of 360 videos of streets in Shenzhen, one during the day and one during the night. See them below. You can see that on those two short city blocks, there’s more economic activity than there is in most towns and villages in the West. The only place that was closed is a bar that does not open until later in the evening.
This is in the Dongjiaotou District of Shenzhen at 15:00.The only business closed (the green “Tsingdao” door) is a bar that only opens at night.
This was taken in Shekou, Shenzhen at 10pm!
There are many ways to measure GDP, but the truth of the matter is China’s economy is based on production, manufacturing and building. In the West, it is based on financialization and military, with the US also having a grossly overpriced medical-pharmament industry.
The West still hangs on to exchange-rate GDP and even more so the nominal rates, which do not take inflation into consideration. The West is experiencing into double-digit inflation and China 0-2%, so nominal GDPs are bogus from the get-to.
Then there is “real GDP”, which accounts for inflation, but still uses exchange rates, which greatly overvalue Western currencies versus the rest of the world.
The only fair and honest way to compare economies is by Purchasing Power Parities. Obviously, a kilo of beef in Switzerland is not the same cost of a kilo of beef in Bolivia. A two-bedroom apartment in Zimbabwe does not cost the same as a similar one in the United States. And it goes on and on and on. Thus, by using Purchasing Power Parities, the economy of China drastically outstrips the United States.
But Western media, the Big Lie Propaganda Machine (BLPM) controls the global media for the most part. It continues to vaunt the exchange-rate/nominal version, which erroneously shows that the United States has a bigger economy than China’s. I would like to point out that in 2014, the International Monetary Fund (IMF) and the World Bank already declared – 10 years ago – that China had a bigger economy than the United States, based on Purchasing Power Parities, also known as PPPs.
During the last 10 years, China’s economy has been growing 2 to 3 times faster than the American economy and 5 to 10 times faster than European economies. The graph below is outdated and it still shows China in PPP terms, far outstripping other countries in the world, including the United States.
GRAPH
There are also, again, many different ways to measure GDP.
In the United States, financial transactions are included, like Wall Street sales and buys. US federal debt interest is included, called “Federal Outlays: Interest as Percent of Gross Domestic Product (FYOIGDA188S)”. Criminal activity is included. Prostitution, illegal drugs, gang/mafia activity and gambling – legal and illegal, etcetera, are all thrown into the US GDP. It is my understanding that Japan includes housewives’ work, which is actually a wonderful idea, because obviously without them, every economy in the world would collapse. Nevertheless, it would need to be done by all the countries to make fair and representative comparisons of real economic activity.
In this this Asia Times article (https://asiatimes.com/2024/06/whats-the-real-size-of-chinas-economy/), I will just read a short extract to point out how ridiculously skewed the international figures are. Here we go,
China’s PPP GDP is only 25% larger than of the US. Come on, people. Who are we kidding?
Last year, China generated twice as much electricity as the US, produced 12.6 times as much steel and 22 times as much cement. China’s shipyards accounted for over 50% of the world’s output, while US production was negligible. In 2023, China produced 30,200,000 vehicles, almost 3 times more than the 10,600,000 made in the US. On the demand side, 26,000,000 vehicles were sold in China last year, 68% more than the 15,500,000 sold in the US. Chinese consumers bought 434,000,000 smartphones, 3 times the 144,000,000 sold in the US.
As a country, China consumes twice as much meat and 8 times as much seafood as the US. Chinese shoppers spend twice as much on luxury goods as American shoppers. In 2023, Chinese travelers took 620,000,000 flights, 25% fewer than the 819,000,000 flights taken by Americans. But Chinese travelers also took 3,000,000,000 trips on high-speed train trains, and 685,000,000 on traditional rail, significantly more than the 28,000,000 Amtrak trips.
The West, the United States and Europe, grossly inflates the services industry numbers to boost their GDP. International financial organizations like the IMF and World Bank have been browbeating China for years to account for more of their GDP calculated on services provided. But the Chinese still sticks to the old 1940s-1950s manufacturing, infrastructure and development model, which grossly neglects service income. Western governments, wanting to look good and get re-elected, began jiggering the formulas for GDP, inflation and employment in the 1960s and continue to cook the books.
Again, I go back to just walking down a few streets, even in villages and small towns in China, and you can just feel the productive economy in full swing. That’s why in the Asia Times article, they and financial organizations calculate that in fact, the Chinese economy in PPP terms is not 1.25 times more than the United States, but needs to be readjusted by adding another 25% to 40% to China’s numbers.
As I have written (http://chinarising.puntopress.com/2017/12/10/china-loves-being-number-two-behind-the-us-officially-of-course-china-rising-radio-sinoland-171210/), China likes to hide behind the ruse that it is the world’s number two economy, because it does not want to bring attention to its massive successes, since communist liberation in 1949. Thus, Baba Beijing goes out of its way to promote the, “We’re Number Two” model.
Nonetheless, you can be honest when talking with friends, family and colleagues, and speak about the massive discrepancy between China’s productive, real old-school economy and the West’s financialized, hollowed out fiction. Continuing to live lies is not helping citizens in the West. Otherwise, nothing will change for the better, only for the worse.
This is Jeff J. Brown signing out.
Further reading
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Praise for The China Trilogy:
Why and How China works: With a Mirror to Our Own History
JEFF J. BROWN, Editor, China Rising, and Senior Editor & China Correspondent, Dispatch from Beijing, The Greanville Post
Jeff J. Brown is a geopolitical analyst, journalist, lecturer and the author of The China Trilogy. It consists of 44 Days Backpacking in China – The Middle Kingdom in the 21st Century, with the United States, Europe and the Fate of the World in Its Looking Glass (2013); Punto Press released China Rising – Capitalist Roads, Socialist Destinations (2016); and BIG Red Book on China (2020). As well, he published a textbook, Doctor WriteRead’s Treasure Trove to Great English (2015). Jeff is a Senior Editor & China Correspondent for The Greanville Post, where he keeps a column, Dispatch from Beijing and is a Global Opinion Leader at 21st Century. He also writes a column for The Saker, called the Moscow-Beijing Express. Jeff writes, interviews and podcasts on his own program, China Rising Radio Sinoland, which is also available on YouTube, Stitcher Radio, iTunes, Ivoox and RUvid. Guests have included Ramsey Clark, James Bradley, Moti Nissani, Godfree Roberts, Hiroyuki Hamada, The Saker and many others. [/su_spoiler]
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