According to the International Monetary Fund the combined purchasing power of China's citizens now outstrips that of America's. And by the end of the year will China should make up 16.48 per cent of the world's purchasing-power adjusted GDP for a total of $17.632 trillion (£11 trillion). The US, by contrast, will make up 16.28 per cent, or $17.416 trillion. Purchasing power parity seeks to address the fact that while wages tend to be lower in “developing” countries than in mature economies like the US, the price of goods and servicing is also typically much lower. The Economist's Big Mac Index, for example, quotes the price of the McDonalds staple in July at $4.80 in the US, but just $2.73 in China. PPP, therefore, bases economic output on what a country's citizens can purchase, as opposed to an unadjusted GDP figure using market exchange rate, which is more often quoted. However, the figure is controversial. It requires the comparison of a huge amount of goods and services, and is therefore a vast statistical undertaking that can only be conducted infrequently with estimates used during intervening periods. The methods used to collect the data have also led to controversy in the past. When it comes the raw GDP data base on exchange rates, China will eventually also overtake the US if it carries on growing as it has, but that is still likely to take many years. credits: independent.co.uk
A McSpicy (spicy McChicken) + fries + drink is about that price. Which is <$4 CAD. You buy a Big Mac here and it's almost $10 CAD. I agree, what a steal!
Big Mac meal is ~$10 in Canada? Damn... In the US, a Big Mac meal is roughly ~$7 (depending on the state/location/etc.)
So true... -lol Then again, I haven't touch McD's since coming back from HK Yeah they changed the promotion when I was there. From big mac to mcspicy fillet and chicken nuggets I think. Missing 24/7 mcdelivery right about now.
In the midst of all the Big Mac fluff talk, what's being missed by most people here is that China now no longer "needs" the US in order to survive. In other words, China can go to war with the US and not worry about losing its "best" customer because it can sell to its own internal market. Something to think about.
I suppose so, and that's a frightening thought indeed. But that would also be declaring war on NATO, in which case, that's like shooting themselves in the foot.
NATO? You're kidding, right? NATO? If it wasn't for US participation and funding, NATO would have dissolved years ago. Iraq and Afghanistan basically showed how inept NATO is, and those wars are considered side shows when it comes to real global conflicts. If something on the order of WW2 opened up with the US vs PRC, NATO wouldn't even be worth an afterthought for China, unless they go nuclear (in particular UK and France). The only thing that the US had over China at present is air and naval assets but China is learning fast as they shadow US operations during humanitarian missions with their navy. But the economic barrier (the US being their money maker) to global conflict is long gone.
Agreed, being born and living in the states, I used to cheer the fact that China and it's peep were getting richer and what not and in a sense taking over the states. 5 years later, I regret it now, knowing how some of those rich obtained their $ and all that other stuff, and seeing first hand how the mainlander's are here.
Agreed, being born and living in the states, I used to cheer the fact that China and it's peep were getting richer and what not and in a sense taking over the states. 5 years later, I regret it now, knowing how some of those rich obtained their $ and all that other stuff, and seeing first hand how the mainlander's are here.
One of the biggest misconceptions that overseas Chinese have vis a vis China, is that the PRC has their best interests at heart because of ethnic solidarity; they're Chinese and we're Chinese too, so we have the same vested interests, right? In a word, wrong. The People's Republic of China exists for ONE single solitary purpose, and that is to further the survival and power of the Chinese Communist Party. Even the People's Liberation Army primary purpose is to protect the party, and that is ahead of protecting the Chinese people or China as a nation. All that money that they're making over there is ensuring that the Party, as the latest and most powerful dynasty, will endure longer than all the others. It used to be common western wisdom that the internet would force China into an age of open freedom for its masses. What happened after China got connected was the party now has an electronic hook into every Chinese home and pocket. Take that, ole wise western thinker, LOL...
