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China Becomes Second Biggest World Economy

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ferrinski86
Posts: 774 - Karma: 10
http://www.cnbc.com/id/38482538

I dont think 95% of NS really cares about what is happening in the world but the 5% that do care, its pretty interesting. They have also surpassed the U.S. as the worlds largest energy consumer (which is still debatable). Does not surprise me. They say if China can keep its current economic growth steady until 2020 they will have a solid 50 years of growth, which is unprecedented in the history of the world.

Still, they say the average worker makes $3,800 a year. pretty shitty considering they have been a country for thousands of years.
Jul 30 2010 1:33PM
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TLTQ
Posts: 525 - Karma: 29
and they're communist
Jul 30 2010 1:47PM
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mmallender.
Posts: 5805 - Karma: 936
and i can imagine they make pretty fucking killer chinese food
Jul 30 2010 1:50PM
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slash22
Posts: 94 - Karma: 5
didnt they build a wall or somethin?
Jul 30 2010 1:50PM
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mmallender.
Posts: 5805 - Karma: 936
yeah, some really big one or something, i hear its a pretty great wall actually, might hire some of those chinese wall building folk to build me a wall, seeing as the one they built is so great
Jul 30 2010 1:54PM
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TLTQ
Posts: 525 - Karma: 29
get em to build you a city wall!
Jul 30 2010 1:55PM
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Gnarshred
Posts: 5670 - Karma: 18
damn mongorians!!!
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sorry op!!
Jul 30 2010 1:56PM
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beezey
Posts: 9027 - Karma: 427

Not too upset

[/IMG]http://reallycuteasians.net/wp-content/uploads/2009/05/mind-blowing-chinese-girl-03.jpg[/IMG]

Jul 30 2010 2:01PM
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beezey
Posts: 9027 - Karma: 427
Click for larger image
Jul 30 2010 2:01PM
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OlliePop
Posts: 160 - Karma: 10
Well...better learn how to speak chinese know and get our taste for dog down because we are obviously  not going to last long.
Please also change your name to Li Chan or something of the sort.
Jul 30 2010 2:01PM
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TLTQ
Posts: 525 - Karma: 29
oh, no doubt!
Jul 30 2010 2:14PM
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Kellso
Posts: 452 - Karma: 11
China=future rulers of the world??
Jul 30 2010 2:15PM
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Sir.Steezealot
Posts: 1156 - Karma: 677
2012
Jul 30 2010 2:20PM
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TLTQ
Posts: 525 - Karma: 29
oh god, i hope not...
Jul 30 2010 2:20PM
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OlliePop
Posts: 160 - Karma: 10
dont deny it its going to happen
Jul 30 2010 2:23PM
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TLTQ
Posts: 525 - Karma: 29

yeah, a bunch of chinese tourists i had in a lesson last year commented on how China is slowly taking over the world.

Their methods: dispurssing they're population through-out the world.

Jul 30 2010 2:33PM
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OlliePop
Posts: 160 - Karma: 10
You could of sued them for sexual harassment
Jul 30 2010 2:38PM
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TLTQ
Posts: 525 - Karma: 29
omg your right! they're numbers are intimidating though, I'm not sure i would have been able to do anything....
Jul 30 2010 3:36PM
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mmallender.
Posts: 5805 - Karma: 936
awesomee, do you have like a phone number, or like a magical fortune cookie or something i could use to get a hold of him? everyone knows chinese wall builders all have magic fortune cookies you can use to call them
Jul 30 2010 3:47PM
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1337
Posts: 31060 - Karma: 29,346
this guy looks like a badass
Jul 30 2010 3:56PM
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TLTQ
Posts: 525 - Karma: 29

We'll he'd have to be if you were going to hire him to build you a "great" wall, right?

Jul 30 2010 4:07PM
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mmallender.
Posts: 5805 - Karma: 936
dont give him any ideas, i already have dibs on that guy so everyone else can fuck off and find their own chinese guy who builds great walls
Jul 30 2010 5:24PM
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nickyp
Posts: 5673 - Karma: 215
China's banks are bankrupt. It will only be the world's second largest economy for a few years, unless:

1)The Communist party stops bailing out the central bank
2)They decrease exports and stimulate domestic demand

Also, India will overtake China by 2020. Just saying
Jul 30 2010 5:29PM
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TLTQ
Posts: 525 - Karma: 29
Its a race!
Jul 30 2010 5:52PM
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mmallender.
Posts: 5805 - Karma: 936
no its not... hes mine, if you try to take him from me i will kill you, and then steal all your monies
Jul 30 2010 5:59PM
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TLTQ
Posts: 525 - Karma: 29
To bad Ill have a great wall for protection. Its almost done....an my monies, you'll never find them.
Jul 30 2010 6:02PM
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ferrinski86
Posts: 774 - Karma: 10
I disagree with you.

China is such a huge global trading partner that I do not see them decreasing their exports anytime soon. their labor is relatively low, but is on the rise (with the little fluctuation the Yuan is experiencing now that the government is allowing it). The Chinese people have a HUGE buying force now. The demand for goods in their country is crazy (in the cities, the country side is still beyond poverty level - my grandparents went their last year and saw it).

The Communist Party is being alittle more lenient on outside corporations operating in their country. for example, they are letting Sealy Mattress Corporation build the first ever mattress plant in china (thats not state owned) to better serve the ppl of china.

I do not know much about the central bank their but it would be highly unlikely that the communist party would stop bailing them out anytime soon, that would be considered suicide i would assume.

India.... is growing very rapidly as well but i have not heard that many reports of India beating China anytime soon, but you never know its a big country as well.
Jul 30 2010 6:03PM
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ClauseFour
Posts: 67 - Karma: 10
I hate to shit on your parade, but I've just finished my PhD on pretty much this subject (East Asian Growth models)

China's banks are fucked. 53% of all firms failed to repay their loans. China's Industrial Bank has $85bn worth of defaulted loans. The State stills owns 80% of the country's asset.


China MUST reduce exports. At the moment, it is dependent upon the West for its growth. The Chinese people do not have anywhere near huge purchasing power. The number of people in China living on less than $1 per day has increased since 1980. The cities cannot sustain domestic demand: >70% of the population lives in rural areas.

The Party is lenient on foreign investors, but it represses it domestic enterprise infrastructure to the point of oblivion It cannot grow just based on Western investment.

India will, between 2020 and 2025, be larger than China. China's population is ageing, and its workforce decreasing. The opposite is true in India.
Jul 30 2010 6:38PM
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ferrinski86
Posts: 774 - Karma: 10
well i stand corrected.

oh, Congrats on the PhD man.

Jul 30 2010 6:45PM
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ClauseFour
Posts: 67 - Karma: 10
Thanks man.

So if you're looking for high return investment, India and Laos are your markets
Jul 30 2010 6:54PM
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Alex_G
Posts: 11902 - Karma: 1,019
gross
Jul 30 2010 7:21PM
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icantskiiFILM
Posts: 2113 - Karma: 140
my friends took a school trip to china and actually said that the chinese food sucked there. apparently its a lot different than the chinese your thinking of here
Jul 30 2010 7:48PM
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mmallender.
Posts: 5805 - Karma: 936
haha i know, what we have here is an americanized asian cuisine, pretty different from over there, or so i have heard
Jul 30 2010 9:46PM
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BC.
Posts: 1551 - Karma: 86
It's easy to want to be in the military in China, it guarantee's ( I think ) 3 square meals a day and a roof over their head. Considering the drastic poverty a lot of that country lives in, thats not a bad deal.
Jul 30 2010 10:20PM
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Emma_Watson
Posts: 4491 - Karma: 6,797
This is kinda sad stating that Communism works... Well atleast for China. Russia, N korea, Cuba aren't doing so well......
Jul 30 2010 11:54PM
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mmallender.
Posts: 5805 - Karma: 936
well i dont know who youre using to build it, because youre definitely not using that guy posted above, so id watch your back if i were you
Jul 31 2010 1:11AM
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nickyp
Posts: 5673 - Karma: 215
1) No, The University of Chicago

2) The State =/= to the United States of America. The state = The Chinese state, which does in fact own 80% of all the assets in the country.

This may be a massive surprise to you, but there are other states in the world other than the United States, you know.

If you have any more questions or if you want to demonstrate your ignorance any more, I'm here all night.
Jul 31 2010 12:28PM
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mmallender.
Posts: 5805 - Karma: 936
hes talking about the debt the US of A, also known as the states to many, owes to china
Jul 31 2010 1:47PM
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ClauseFour
Posts: 67 - Karma: 10
Aha thanks man. Are you going to apply to Chicago next year, one of my housemates is moving out if you need somewhere? Are you still playing rugby aswell? I'm coming back for the summer, and fancy some games.


Also, the term to maturity, and the size of the foreign debt are insufficient to prop up the Chinese banks. Foreign debt ownership is a very tricky business.

America is never going to write China a cheque for it's debt, allowing China to save it banks. Economics doesn't work like that. The US will pay interest on the loan, but the bulk of the debt will be paid in kind, in receipt of exports and services. The foreign debt is not a viable solution

Jul 31 2010 2:00PM
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Black-Bandanna
Posts: 6680 - Karma: 1,603
China is not communist, contrary to popular, ignorant, belief.
Jul 31 2010 9:38PM
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