China No.2 Largest Economy

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China No.2 Largest Economy

Post by Thracius on Mon Aug 16, 2010 1:36 pm

China passes Japan as the worlds largest economy, and is said to pass the United States for the No.1 spot in as little as 2030.

http://finance.yahoo.com/news/China-Passes-Japan-as-nytimes-2766831302.html?x=0&.v=1

Discuss.

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Re: China No.2 Largest Economy

Post by Doyler on Mon Aug 16, 2010 2:31 pm

Ah... in the 1800's England was the Workshop of the World, now, barely 180 years later, China, a then contested land fought over by colonial powers, has become the second biggest economy, whilst England itself now has barely any textile, metalworking, et cetera, factories, and barely any factories at all. It now produces everything that other countries buy. Quite extraordinary.

Although;
Per Capita GDP:
USA: $42,240
Japan: $37,800
China: $3,600
Per capita income refers to how much each individual receives, in monetary terms. It is the measure of the amount of money that each person earns in the country, of the yearly income generated in the country. This is what each citizen is to receive if the yearly national income is divided equally among everyone. Per capita income is usually reported in units of currency per year. When comparing nations per capita income reflects gross national product per person, but it is also used to compare municipalities within nations. When determining the per capita income of a community, the total personal income is divided by the population.
- it appears China has a much lower quality of life.

Population:
United States: 307 million
Japan: 127.3 million
China: 1,321,000 million
Although, China has a significant population advantage to Japan, and the United States. In reality, China (and India), solely based on populations, should be the largest economy(-ies) by (a) long shot.
It's a poor reflection on China (and a good reflection on Japan) that for (roughly) every 10 Chinese people, 1 Japanese person produces enough to outproduce the 10 Chinese by that little bit.
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Re: China No.2 Largest Economy

Post by c00ki3 on Mon Aug 16, 2010 2:38 pm

I think you mean billion.

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Re: China No.2 Largest Economy

Post by Doyler on Mon Aug 16, 2010 2:45 pm

c00ki3 wrote:I think you mean billion.
I did, I was exhibiting it as millions as a quicker/simpler means of comparison.
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Re: China No.2 Largest Economy

Post by notredamefan on Tue Aug 17, 2010 11:35 am

I think China will not be as productive soon.
Japan was also supposed to overtake the US as the largest economy in 2000
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