China now third largest economy in the world

[Fayadi]

China uses monopoly (state controlled) currency, slave labor and zero environmental law enforcement.

Someday (soon, I hope), it will all go poof.

The Chinese economy is a house of cards built with horrible things. It's the ultimate paper tiger.

Some of the biggest economic powers are engaged in some form of currency manipulation in their history. No reason why one has to single out China.

Japan does it. It is pretty well-known so it needs no explaining.

USA was doing it pre-great depression. USA was playing a role of a big exporter like what China is today. In the Progressive Era, foreign currency which are obtained by the domestic exporters are changed into US dollars in the banks. The banks would sell its Foreign Currency to the Federal Reserve. The Federal Reserve would use these foreign currency to buy up huge amount of gold instead of putting these foreign currency on the Foreign Exchange Market to sell its foreign currency and buy US Dollars in exchange (as any action to do so will strengthen its currency). This created a huge outflow of gold from Europe to USA.
This is an act of currency manipulation.
This is similar to what China does.
At least China is doing it without the sucking of gold. She took care of its foreign currency by buying government bonds which helps to keep interest low. USA took care of its foreign currency by buying up gold then.


And about zero environmental law enforcement. Environmental laws in this country is one of the strictest in Asia already. China has the biggest afforestation effort going on in the world today and cutting down trees is forbidden in almost every part of the country. Pouring toxic into rivers is a serious crime in China.
Coal is cheap and plenty. The country also have the world's most manufacturing plants located there. That explains why the country's air is of lesser quality. Clean energy is still in the process of being adopted en-masse. The progress has yield some results in recent time. China now is the world's largest producer of solar panels and wind turbines. Eventually history has shown that once a country passed GDP per capita of $20,000, more developed set of environmental rules will be adopted.

I will tell you what is an economy that is built on a house of cards. It is an economy that its prosperity depends on credit and excessive borrowing to stay afloat. It is an economy that is year-by-year losing its manufacturing capability.

An economy that relies on savings and manufacturing as its foundation is a pretty solid one. The Chinese spend what they can afford, the Americans don't.

 

[Patroklos]

Environmental laws in this country is one of the strictest in Asia already.

Is that why you had to explode rockets in your capital just so people could breath?

 

[Ecofarm]

And about zero environmental law enforcement. Environmental laws in this country is one of the strictest in Asia already. China has the biggest afforestation effort going on in the world today and cutting down trees is forbidden in almost every part of the country. Pouring toxic into rivers is a serious crime in China.
Coal is cheap and plenty. The country also have the world's most manufacturing plants located there. That explains why the country's air is of lesser quality. Clean energy is still in the process of being adopted en-masse.

Absolute propaganda BS.

When it comes to ignoring what they put on paper, China exceeds Costa Rica.

 

[Fayadi]

Most of Asia is made of developing countries. In relative to other developing countries, China has a strighter environmental law. Find me a source that prove me wrong. Other large Asian countries like Indonesia, India, Pakistan, Thailand, Vietnam has more relaxed environmental laws. Find me a source that prove me wrong.

 

[Elta]

A lot of people don't realize China was world's #2 economy at the end of 1800's...

I knew that, I learned it on this site actually.

China uses monopoly (state controlled) currency, slave labor and zero environmental law enforcement.

Someday (soon, I hope), it will all go poof.

The Chinese economy is a house of cards built with horrible things. It's the ultimate paper tiger.

It's rough being a worker in China, I wonder what it would be like if they liberalized a long time ago like Taiwan. Who knows they could have been the wealthiest country for years now.

Some of the biggest economic powers are engaged in some form of currency manipulation in their history. No reason why one has to single out China.

Japan does it. It is pretty well-know so it needs no explaining.

USA was doing it pre-great depression. USA was playing a role of a big exporter like what China is today. In the Progressive Era, foreign currency which are obtained by the domestic exporters are changed into US dollars in the banks. The banks would sell its Foreign Currency to the Federal Reserve. The Federal Reserve would use these foreign currency to buy up huge amount of gold instead of putting these foreign currency on the Foreign Exchange Market to sell its foreign currency and buy US Dollars in exchange (as any action to do so will strengthen its currency). This created a huge outflow of gold from Europe to USA.
This is an act of currency manipulation.
This is similar to what China does.
At least China is doing it without the sucking of gold. She took care of its foreign currency by buying government bonds which helps to keep interest low. USA took care of its foreign currency by buying up gold then.


And about zero environmental law enforcement. Environmental laws in this country is one of the strictest in Asia already. China has the biggest afforestation effort going on in the world today and cutting down trees is forbidden in almost every part of the country. Pouring toxic into rivers is a serious crime in China.
Coal is cheap and plenty. The country also have the world's most manufacturing plants located there. That explains why the country's air is of lesser quality. Clean energy is still in the process of being adopted en-masse. The progress has yield some results in recent time. China now is the world's largest producer of solar panels and wind panels. Eventually history has shown that once a country passed GDP per capita of $20,000, more developed set of environmental rules will be adopted.

I will tell you what is an economy that is built on a house of cards. It is an economy that its prosperity depends on credit and excessive borrowing to stay afloat. It is an economy that is year-by-year losing its manufacturing capability.

An economy that relies on savings and manufacturing as its foundation is a pretty solid one. The Chinese spend what they can afford, the Americans don't.

I don't agree with all of it, but good points.

 

[mrt144]

EU's GDP is #1 in the world. So we feel pretty good about it!

How British of you.

 

[Patroklos]

Most of Asia is made of developing countries. In relative to other developing countries, China has a strighter environmental law. Find me a source that prove me wrong. Other large Asian countries like Indonesia, India, Pakistan, Thailand, Vietnam has more relaxed environmental laws. Find me a source that prove me wrong.

Who gives a damn about your moving goal posts of only including other Asian nations?

EU's GDP is #1 in the world. So we feel pretty good about it!quote]

I'll remember to include Kosovo the next time some of you want to compare things on a per capita basis

 

[RedRalph]

Who gives a damn about your moving goal posts of only including other Asian nations?

EU's GDP is #1 in the world. So we feel pretty good about it!quote]

I'll remember to include Kosovo the next time some of you want to compare things on a per capita basis

kosovo is a region of Serbia, not a country. Most countries, the EU and the UN do not recognise it as an independent nation.

 

[Patroklos]

kosovo is a region of Serbia, not a country. Most countries, the EU and the UN do not recognise it as an independent nation.

Since when did it matter what the EU or UN recognized? Neither is not a soverign entity.

 

[RedRalph]

Since when did it matter what the EU or UN recognized? Neither is not a soverign entity.

Fine (As if that is the criteria). most countries on Earth do not recognise it as such. Now go on, tell me how thats irrelevant too. and if it dosent matter what the EU and UN do or dont recognise, why is it that the 'government' of Kosovo would likely give their right legs for the EU and UN to recognise them? Answer me that.

 

[Mowque]

China enviromental regulation is crap. The comapny i work for (heavy industry/mining) opened a plant there. to put it mildly, it was hell-hole. People int he town had neevr seen the moon as anything other then a white smudge due to the air polltuion. Water drainage and control was a joke. Any other type of safety feature was regualry ignored.

(as a side note to everyone who thinks China just gets a 'bad rap'. A nation that doesn't have to report if it loses less then 10 miners in a accident is bad in my book)

 

[Masquerouge]

(as a side note to everyone who thinks China just gets a 'bad rap'. A nation that doesn't have to report if it loses less then 10 miners in a accident is bad in my book)

or it has 1.2 billion people

 

[Mowque]

or it has 1.2 billion people

so? i can understand that, staistcally, they count for less...but they are people.

 

[innonimatu]

Guess whose consumption is the basis for the world economy? Hint: its not Europe.

And that's really something to be proud of, your country living on welfare from the rest of the world.

 

[Aegis]

And that's really something to be proud of, your country living on welfare from the rest of the world.

How is the US purchasing goods from China welfare for the US?

Or am I not understanding what's being said?

 

[Patroklos]

And that's really something to be proud of, your country living on welfare from the rest of the world.

You realize the welfare goes both ways, right?

 

[Alpine Trooper]

How is the US purchasing goods from China welfare for the US?

Or am I not understanding what's being said?

In reference to the massive amounts of American debt purchased by China?

 

[Aegis]

In reference to the massive amounts of American debt purchased by China?

My post was quoting someone who was responding to the statement that the consumption of products is the basis for the world economy.

I don't see how either is welfare. China is getting something for what they give us.

 

[innonimatu]

In reference to the massive amounts of American debt purchased by China?

Which I really don't think will ever be paid...

 

[Luckymoose]

And when are they projected to overtake the U.S. ?

It won't, our economy has grown the entire size of the Chinese economy in the last 10 years.