US Now Second Largest Economy in World.

[niknik]

Sometimes size DOES matter. China may pass the US and become the world’s most important economy this year, according to the World Bank. It would take the position the US has held since 1872.

Previous studies have suggested China could become the world's biggest economy by 2019.

Ever since the 2008 financial crisis, the Chinese economy has contributed a quarter of total global growth. Between 2011-2014, China’s economy will account for 24 percent, according to IMF estimates.

In comparison the US economy will only show an increase of 7.6 percent over the same period.

The predictions are hard to calculate as the latest estimates are based on purchasing power parity. The index attempts to assess the size of an economy based on the assumption that prices of non-tradable goods and services are a lot lower in poorer countries, says the Financial Times (FT).

The evaluation process of the service may differ, as a haircut in China may cost much less than in the US, however its quality may differ as well.

The same problem touches upon the quality of tangible goods. A DVD player bought in China may be way cheaper than a US one, however there is no warranty that it will last longer than several months. Besides US goods are sold with far more consumer protection laws, which through more scrutiny and inspection, delivers a better product.

Another barrier in measuring the true size of the economy is the availability of trusty data, as China is controlled by a secretive authoritarian government that sometimes manipulates data for political purposes.

It has a huge amount of illegal and unaccounted for ‘shadow’ income sourced from corruption, a sex industry, numerous illegal street vendors, and other services sectors that are not counted in official statistics. Therefore the ‘shadow’ economy could be more than 20 times bigger than official figures report.

The Chinese economy may be 20 percent larger than official figures show, this it may have overtaken the US several years ago, says the FT.

Meanwhile the living standards of the average Chinese citizen are still far lower than those in many developing countries.

According to the International Monetary Fund, China’s economy ranked 93 in per capita purchasing power parity terms. That was just ahead of Turkmenistan and Albania but well behind Libya, Azerbaijan and Surinam.

That means that on average China’s 1.36 billion people are unlikely to catch up with Western living standards for many decades to come.
Reuters :

[niknik]

Poo's about to retort.. Wait for it...

[Mr Poo]

Originally Posted by niknik

I think you don't understand. The counterfeiting of goods in China is Not legal. So again, you're basing your argument on untruths.

There are no copyright laws in china as Vrist already stated..

It IS legal to produce counterfeit goods there. The goods produced go towards the GDP.

[Mr Poo]

Originally Posted by niknik

Poo's about to retort.. Wait for it...

It has a huge amount of illegal and unaccounted for ‘shadow’ income sourced from corruption, a sex industry, numerous illegal street vendors, and other services sectors that are not counted in official statistics. Therefore the ‘shadow’ economy could be more than 20 times bigger than official figures report.

The Chinese economy may be 20 percent larger than official figures show, this it may have overtaken the US several years ago, says the FT.

That statement gives 0 evidence of what figures were used to determine how the Chinese economy "may" be 20 percent larger.

Notice how they didn't mention conterfit goods in 'shadow' income?

[niknik]

Originally Posted by Mr Poo

There are no copyright laws in china as Vrist already stated..

It IS legal to produce counterfeit goods there. The goods produced go towards the GDP.

First genius.

Copyright is different than Trademark.

And no, it's not legal to do either in China. Just like selling cocaine in America is illegal. It still happens in every city. China hasn't done a good job in enforcing the law. Although I've read recently of raids they've preformed against counterfeiters.

China doesn't always follow the rules. And it brings billions into China. But they don't receive taxes it. Therefore it's not counted. Not too mention China would never publicly accept trademark infringement as their economic layout.

[Mr Poo]

Originally Posted by niknik

First genius.

Copyright is different than Trademark.

And no, it's not legal to do either in China. Just like selling cocaine in America is illegal. It still happens in every city. China hasn't done a good job in enforcing the law. Although I've read recently of raids they've preformed against counterfeiters.

China doesn't always follow the rules. And it brings billions into China. But they don't receive taxes it. Therefore it's not counted. Not too mention China would never publicly accept trademark infringement as their economic layout.

Okay, then where did they get their statistics for it being 20% of the economy?

[niknik]

Originally Posted by Mr Poo

That statement gives 0 evidence of what figures were used to determine how the Chinese economy "may" be 20 percent larger.

Notice how they didn't mention conterfit goods in 'shadow' income?

It didn't specifically mention hundreds of other illegal activity that contribute. Guess they don't exist

You're just so dense..

[niknik]

Originally Posted by Mr Poo

Okay, then where did they get their statistics for it being 20% of the economy?

It says in the article. Stats came from the Financial Times.

[niknik]

Article 38, PRC Trademark Law provides:
Any of the following acts shall be an infringement of the exclusive right to use a registered trade- mark:
(1) To use a trademark which is identical or similar to the registered trademark in respect of the same or similar goods without the authorisation of the proprietor of the registered trademark;
(2) To sell goods while knowing that a fake trademark is being passed off as a registered trademark.
(3) To forge or make, without authorisation, representations of the registered trademark of another person, or to sell forged representations or representations made without authorisation of the regis- tered trademark.
(4) To cause, in other respects, prejudice to the exclusive right to use the registered trademark of an- other person.
TRADEMARK LAW OF THE PEOPLE'S REPUBLIC OF CHINA (REVISED) (Zhonghua Renmin Gonghe Guo Shangbiao Fa (Xiuzhen), Di Sanshiba Tiao) (adopted at the 24' Session of the Standing Committee of the 5th National People's Congress on August 23, 1982, revised by the 30 ' Session of the Standing Committee of the 7 National People's Congress on Febru-
ary 22, 1993, and effective July 1, 1993) art. 38 (PRC) [hereinafter "PRC Trademark Law"]. The catch-all provision referring to causing prejudice to the exclusive trademark right of an- other person contained in Article 38(4) above is explained by Article 41 of the Trademark Law Implementing Regulations, which provides:
Any of the following acts will constitute an infringement of the exclusive right to use a registered trademark as referred to in item (4) of Article 38 of the Trademark Law:
(1) dealing in goods which were known or ought to have known to have infringed the exclusive right of another person to use a registered trademark;
(2) using, as a product name or label, written script or a design which is identical or similar to the registered trademark of another person who uses it on the same or similar commodities, with the similarity being sufficient to cause confusion;
(3) intentionally providing storage, transport, postage or harbouring offenders in order to facilitate the infringement of the exclusive right of another person to use a registered trademark.

[St. Geno]

Those Chinese bastards taking our 2 billion