Chinese GDP per capita (GDP per capita or GPC), is based on Purchasing Power Parity (PPP) calculations. China, formally known as the People's Republic of China is an extremely developed country in East Asia, with a landmass of over 9 million square kilometers in terms of area. It is one of the largest countries in the world, covering about 9.7 million square kilometers. The country is predominantly urban, with many metropolitan cities such as Beijing, Shanghai and Guangzhou having populations of well over eight million people each. Although some parts of the country are rural, the majority of the urban population lives in the cities.
Chinese GDP per capita is determined by using a different methodology than most countries in the world. This methodology is known as PPP method, and it involves the PPP rate of exchange in relation to the U.S. dollar.
As Chinese GDP per capita is measured against that of the U.S., the country's economic policy has been a major focus for the last two years, particularly since the global economic crisis of 2020, which saw the U.S. economy, and in particular, the United States dollar, plummet. This caused most people to turn to China for their monetary needs, which eventually caused a big surge in Chinese imports into the U.S. economy. Although this was a positive thing, it also meant that U.S. trade deficit soared, which of course caused a rise in American trade deficit. Although the U.S. trade deficit can be recovered by the Chinese government, there are still many people in the United States who feel that it was unfair of the U.S. to impose so much economic sanctions on China for the bad economic practices that it had engaged in.
To put things into perspective, the United States has a large trade deficit with China; however, China's trade deficit is considerably less than the U.S. trade deficit. Because of this, most American economists are arguing that the current Chinese economic policy, which aims to increase the size of its own economy, may lead to an economic slowdown in the U.S. over time. Many economists have expressed this concern in terms of the U.S. losing its technological superiority in the field of information technology.
Although many countries, especially the United States, have implemented economic policies aimed at reducing the size of their trade deficit with China, others such as Japan and India are yet to do so, although they have begun to take steps to reduce their own trade deficit. in the past few years. The Chinese government has therefore taken a more proactive approach in encouraging economic growth, but this may be difficult due to the lack of a strong financial system in the country.
The latest Chinese GDP per capita figures have seen the country continue to rise as a developed economy. The country's Gross Domestic Product, or GDP, is expected to increase at an average of 5.3 percent in 2020, compared to an average of 3.4 percent in the previous year.
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