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China GDP per capita, huge regional gap
Following my previous post on China’s fast catching-up with the developed countries, Economist Magazine has done some more interesting map works, matching China’s output-income data by provinces to the world’s individual countries. The map vividly shows the huge income gap among different Chinese provinces/regions.
More similar maps here.
Jim O’Neill updates on Chinese economy
Jim O’Neill, Chairman of Goldman Sachs Asset Management, discusses his outlook on China and global economy.
Fast Catch-up
China vs. US in key economic metrics, from Economist Magazine.
Bear in mind two things:
1. China’s population is roughly 4 times of the US, so it’s natural for China to be bigger;
2. But size does matter, and matters a great deal.
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How Chinese view Europe
Interview of Jin Liqun, Chairman of China’s Investment Corp. (or CIC), China’s sovereign wealth fund, with $460 billion assets under management.
Jin offers his views toward Europe and her economic and political systems. He also explains why CIC is unlikely to inject large rescue investments as per European leaders’ request. I’d say Jin’s views toward Europe is quite typical in China.
Starting from 12″10′ in the video interview, Jin had some really strong (yet painfully true) comments toward European welfare system.
Coase: China needs to have a free market for “ideas”
Ronald Coase, Nobel-winning economist, whose economic theory on property rights has had a profound impact on China’s economic reform in the past 30 years, prescribes medicine for China’s long-term sustained economic growth: to have a free market for ideas.
What Coase essentially argued was that China needed to have a free and open society. This would immediately mean the transformation of the current political regime.
Watch this ten-minute video:
China’s advantage as world’s manufacturing base
Two sharp charts on why China will remain as global manufacturing base for a long time, despite the sharp rise of its worker’s wages recently.
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Ferguson on global re-convergence
Economic historian Naill Ferguson on the six “killer apps” (or institutions) in the West that generated the Great Divergence since 1700s, up until the recent rise of China. And he argues that gap between the West and the East is coming to an end, with China fast catching up with the West, leading to a re-convergence of the world economy.
In the interview, Naill Ferguson had many claims in his sharp observation of the history. However, despite being deeply intriguing, most of his claims remain to be just hypotheses. As a China watcher, I am not so certain at this moment that China’s surpassing of the US on per capita income level is inevitable, although I am positive that China’s total GDP will pass the US in no time.
For readers who are interested in the topic of the Great Divergence and Re-convergence, I would recommend two additional readings: The first is a classic by Ken Pomeranz, “The Great Divergence: China, Europe, and the Making of the Modern World Economy“; and the second is by Ian Morris, “Why the West Rules -For Now.”
Can China keep on going?
Do you feel everything is progressing in China? Or rather China is like a fast car without a reverse gear, destined to crash?
Watch this interesting video analysis, featuring Michael Pettis.
(video courtesy of Journeymanpictures)