Quote from: Findingnemo on Today at 02:48:09 PM

Quote from: create_crypto on Today at 01:32:25 PM

Quote from: Findingnemo on December 31, 2020, 07:28:10 AM

Quote from: Sithara007 on December 31, 2020, 03:47:05 AM

Quote from: zanezane on December 31, 2020, 02:35:42 AM

That manpower is also the cheapest as far as I know, not to mention the money trap that China puts other small countries in to create a new Silkroad. But, China beating US when it comes to economy is still a dream to be fair, the economy of China is exclusive and most of their wealth is invested in real estate bubble that does not pop because they have exclusive economy.

That is simply not true. Manpower in China used to be cheap, but that was one or two decades ago. The wages have risen to such a level that they are now 2-3 times higher than the comparable salaries in countries such as India and Indonesia. On top of that, they are now getting strict with environmental and other regulations. Lax regulations attracted a lot of investment earlier.

If you compare the salaries of US citizen with Chinese citizen then you can see huge difference in the minimum wages.Of course US doesn't have huge amount as minimum wage but still they are far like 10 or more times than average pay in those countries you mentioned. What China did is created more employment with very low pay so everyone can work which will help their government to become better in economy as well.

Last years chinese salaries grown very much. And they are already on 30-40% more than, for example, most of old comunists USSR countries, like Russia or Ukraine. Avarage in China is 14.294 $ (yearly)

https://tradingeconomics.com/china/wages

And we have a median salary in USA - 35.977 $ (yearly)

https://en.wikipedia.org/wiki/Personal_income_in_the_United_States#:~:text=The%20Bureau%20of%20Labor%20Statistics,sex%2C%20ethnicity%20and%20educational%20characteristics.

But in China we have also much less prices for living, buildng homes, services, etc. If we include that factor from GDP by PPP, we can see that on the same 1 dollar in USA you have a 1,72 dollars in China money buying power Index.

So we can see that is not big gap in final income and wealth -
14.294 $ * 1,72 = 24.585 $
24.585 $ vs 35.977 $ = US salary more on 46%

If we compare just pure numbers:
14.294 $ vs 35.977 $ = Us salary more just on 151%

And that`s why last 6-8 years most of companies oppening their new factories not in China but in Bangladesh, Vietnam and India. Because Chinese salaries already not little as it was 20 years ago, for example.

Average salary is higher in China but what about the salary of majority of people which is far lower than US as far as I know. Not sure about the exact values wnd calculation of average salary but the ground reality is different from what we can see on the paper.

That is true they have that problem with a lot of people (mostly in a countrysides), that living very poor. That`s why Chinese goverment creat a lot of programs of "elimination of poverty" like "Zero poverty" promgram.

And they also settled this goal to be achived that year.

https://news.cgtn.com/news/2020-11-23/China-eliminates-absolute-poverty-one-month-before-schedule-VEp8VAJJS0/index.html#:~:text=China%20has%20set%20the%20goal,by%20the%20end%20of%202020.&text=The%20population%20living%20in%20absolute,decreased%20from%20832%20to%2052.

For understanding how many people in the country living poor and how many rich, it is created an Index (Income Equality), that showing how many time top 10% richest people earn more than top 10% poorest people in the country.

For example:
- In US 18,5 times
- In China 21,6 times

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

In China a liitle bit more disequality at 3%. But not huge diffenece with US.

For example disequality in Germany - 6.9. At till three times lower than in US.