11 amazing facts about China's economy that you probably did not know:
- The boom in China's economy has reduced the demand for luxury brands and a growing list of billionaires.
- China is the largest exporter in the world, but the Chinese economy is far more than the products it sells in the world.
- Here are 12 facts you probably do not know about modern China's economy.
China is the largest exporter in the world. Your air conditioner was probably manufactured in China, just like your computer and perhaps your shoes.
But there is much more to the Chinese economy than the products it exports to the world.
11 stunning facts about China economy
The boom in China's economy has reduced the demand for luxury brands and a growing list of billionaires. In addition, the old traditions have turned to modernity; Lunar New Year is not only the most important and celebrated Chinese holiday, but also the main shopping week of the whole year.
Here are facts about which you probably did not know about modern China's economy:
China imports more US agricultural products than Canada or Mexico
China is the main market for US agricultural products, surpassing its closest neighbors, Canada and Mexico. Soybeans accounted for more than half of the 9,200 million dollars (over 8,100 million euros) that China bought from US farmers in 2018.
If you think the world's largest retailer is Walmart, you're wrong. If you think Amazon is the world's largest online retailer, you've made a mistake again. Both merits are from Alibaba.
The Chinese online sales giant moves nearly 3 times as much as Amazon and, considering its subsidiaries, has exceeded Walmart as the largest retailer. Alibaba makes a foray into the US ecommerce market with AliExpress, which is currently the world's sixth largest online store.
The number of billionaires in China (388) is slightly more than half that of the United States. (680). And as a whole, American billionaires have 3 times more money than Chinese ones. But China destroys high-speed distances, with 55 new billionaires in 2017, the largest number in the world, despite the slowdown in 2018, has degraded 49 millionaires to millionaires.
But the richest man in China is ranked 21th on the list of the world's greatest assets.
The richest man in the world, Jeff Bezos, with a fortune of $ 131,000 million (just over 116,000 million euros), has the world's second-largest online retailer, Amazon. Jack Ma, chief executive of Alibaba, the world's largest retailer, ranks 21th in the Forbes billionaire list, behind Bill Gates, Warren Buffett and Mark Zuckerberg. Ma's net wealth is just under $ 40,000 million (about 35,500 million).
Chinese consumers spend 73 billion dollars a year on luxury products.
According to McKinsey, in 2016, there were 7.6 million Chinese families rich enough to buy luxury brands. The millennium encourages this trend, which involved spending up to $ 73,000 million (about 64,800 million euros) in spending in 2018 or about a third of the world market for high-end products.
For years, Communist China had a closed economy that had barely participated in international trade. According to World Bank data, exports accounted for less than 3% of GDP in 1970. In 2010, this figure rose to over 26%, after declining from its peak of 36% in 2006.
The average family income in China grew more than 400% in 10 years.
Removing the Chinese economy has not only generated billionaires, but has also contributed to raising the standard of living of the working class. Between 2002 and 2012, the average family income rose from $ 987 (about € 875) a year to $ 4,273 (about $ 3,790), with an increase of over 400%. In 2013, the figure reached 4.806 dollars (just over 4,260 euros), almost 5 times more than in 2002.
The World Bank's poverty line is a $ 1.9 ($ 1.6) daily income. In 2015, only 0.7% of the Chinese population was below or below the poverty line, with about 9.9 million people in this category, with a population of 1.35 billion.
The poverty line of China is higher, and even according to this reference, only 3.1% of the population (30.5 million people) lives in poverty.
Meanwhile, in the US, 12.3% of the population is below the national poverty limit, with the exception of Alaska and Hawaii, being 12,490 dollars (a little over 11,000 euros) a year per person or 25,750 (about 22,800 euros) year for a family of 4 members, according to the Department of Health and Human Resources. In total, there are 39.7 million Americans living in poverty.
The only ones can book a meeting at $ 0.15 per hour in the Chinese dating rental industry.
China's one-child policy has generated a very serious imbalance between genders. There are around 34 million Chinese men than women. In a society that calls one "man left" this is a problem.
There is a solution: you hire a meeting. Newsweek reported that Chinese singles could book a meeting from 15 cents (about 13 cents) per hour and up to 288 dollars (just over 255 euros) per hour, sex is not included.
Lunar New Year is the biggest shopping week in China.
The Lunar New Year is celebrated for one week each year, usually in February. Many people travel home and buy gifts. Chinese consumers have spent the equivalent of $ 149,000 million (about 132,000 million euros) in 2019, according to Bloomberg.
China has long been the main destination for black market parts of endangered animals that are valued for their medicinal value. It is assumed that rhinoceros horn heal fever and lowers blood pressure and tigers protect curses, so the pieces of a tiger can be sold up to $ 50,000 (just over 44,300 euros), according to Smithsonian Magazine.
For many years, China has been part of the global effort to put an end to the poaching of endangered species. But last year China created a legal market for tiger and farm rhinoceros. Conservatives fear that this could open the door to more poaching of these very threatened animals.