China Economy 4-22-24

 China’s Nominal GDP is the 2^nd largest economy after the US. China’s GDP grew from $394.6B in 1990 to 17.7T in 2023. They are now a developed country.  In 2023, China’s global share of manufactured goods was 28.7%.

Nominal GDP $17.7T, Per Capita GDP $12.621/yr.  Population 1.409,670,000 billion, Debt to GDP 82.9%,

Inflation 2021-2024 5.62%, Unemployment 5.2%, Labor force 782 million, trade surplus $823.2B.

Average Urban Private Sector Salary $747/month, $8.964/yr. Average Urban Government Salary $1,305/month. $15,660/yr. Rural workers salaries are not reported in the Labor force.

China reports economic activity in 3 groupings.

Raw Material is mined processed and shipped.

Manufacturing includes finished goods manufacturing.

Services include recycling, waste disposal, material extraction, manufacturing and transportation.

https://en.wikipedia.org/wiki/Tertiary_sector_of_the_economy

Main Industries

mining and ore processing, iron, steel, aluminum, and other metals, coal; machinebuilding; armaments; textiles and apparel; petroleum; cement; chemicals; fertilizer; consumer products (including footwear, toys, telecommunications equipment, satellites, commercial space craft and electronics); food processing;  transportation equipment, including automobiles, railcars and locomotives, ships, aircraft.

2023 Trade Balance is also reported with Exports $3.308T  Imports $2.557T Surplus $ 751B

https://en.wikipedia.org/wiki/Economy_of_China

China’s exports grew from 2% in 1990 to 15% in 2015.

Labor Force Participation is 67.3%.

Agriculture 23%

Industry  32% includes manufacturing

Services 45% includes manufacturing

The globalism hoax prompted developed countries to move their manufacturing to China hoping to increase   profits, dump unions and have access to Chinese consumers.  Now these companies are moving out of China.

Comments

The data reported above warns that the data China data releases are more geared toward advancing their latest initiatives. Chinese data may be higher or lower than it actually is. The Yuan is valued at 14 cents US$ and a lot of their data is expressed in Yuan.

China is experiencing a pull-back from export partners who are moving their manufacturing to other low cost Asian countries. Intel computer chip plants are being built in the US in response to China’s stated plan to take Taiwan. Chinese EV’s are selling for $11,000 to $15,000 in China. In the EU, 11% of EVs sold in 2023 were Chinese EVs.

China should be concerned about the US elections in November 2024. If Trump wins, China will likely delay building EV plants in Mexico and concentrate on selling EVs in the EU. Most US citizens want the US to lower energy costs and be able to buy hybrids, other gas-powered cars and diesel-powered trucks and trains.

China manufactures everything they need including home appliances.

The US should also reshore manufacturing of critical drugs and defense industry material. In 2023, US manufacturing was 10.7%.

China will continue to buy oil and natural gas from Russia and Iran.

I worked with Chinese engineers at Fire Arms Training Systems as an active Consultant from 1993 to 2017. They were the best. We hired them with H1b visas as they were graduating from US colleges with MSEE degrees. They became US citizens and still work at FATS.  FATS was sold to Meggitt in the 2000s and was sold again to Pine Island Capital Partners in 2020 and operates in Swannee GA under the name of InVeris. Former Georgia Senator, Saxby Chambliss is the Chairman.

Norb Leahy, Dunwoody GA Tea Party Leader