The gap widens!China s GDP has dropped to 64 in the United States, what is the difference in the com

Mondo Finance Updated on 2024-01-31

On the global economic map, China and the United States are like two towering mountains, determining the direction of the global economy. In recent decades, China's economy has grown rapidly, and the GDP gap between China and the United States has narrowed. In the past 40 years, China has vigorously developed its manufacturing industry and has become the "factory of the world", exporting goods all over the world. With the help of a large amount of foreign investment, China has continuously improved the position of its industrial chain, transforming from primary processing to mid-to-high-end manufacturing.

Thanks to this, our country accounts for only 10 percent of the United States' GDP6% and gradually stand at the forefront of the global economy. According to data released by the World Bank, in 2022, China's GDP is equivalent to 18 trillion US dollars, while the United States reached 2546 trillion US dollars, this year, China's GDP reached 70 percent of the United States7%。Such a rapid pace of development is rare in the history of the global economy. However, in the first three quarters of this year, China's GDP was equivalent to $13 trillion, while the GDP of the United States was 20At $27 trillion, China's GDP fell to 64% of the United States, from 70% to 64%, which is equivalent to a widening of the GDP gap between the two countries.

Of course, if we follow the actual GDP growth rate, China's GDP increased by 5 percent year-on-year2%, while U.S. GDP grew 25%, China's economic growth rate is higher, but the inflation rate in the United States is much higher than that of China, and the inflation rate has led to a higher nominal GDP growth in the United States. In addition, the Federal Reserve continued to raise interest rates, resulting in the depreciation of the RMB exchange rate, which led to the reduction of China's GDP after being converted into US dollars, and the gap widened.

In fact, if we only look at the tertiary industry, the tertiary industry of the United States has created more GDP than all countries in the world, but if we look at the primary industry and the secondary industry, the United States lags behind China, so what is the difference between the GDP composition of China and the United States?

1.Primary sectorThe primary industry mainly refers to industries related to breeding, planting and cultivating biological materials, including agriculture, forestry, animal husbandry and fisheryChina's industry accounts for about 8% of GDP;The primary industry in the United States accounts for only 1 percent of GDP1%。As a country of 1.4 billion people, food is a top priority, and food security is paramount. 2.Secondary sectorThe so-called secondary industry mainly refers to the processing and manufacturing industry, which mainly relies on the raw materials provided by nature and the primary industry for processing, including mining, manufacturing, electricity, heat, gas and water production and constructionChina's manufacturing accounts for 27% of GDP, while the U.S. manufacturing accounts for about 10% of GDP. According to GDP, it can be calculated that the added value of China's manufacturing industry is 4$87 trillion, while the U.S. manufacturing value added was 2At $5 trillion, China's manufacturing GDP is 1 of that of the United States94 times, almost equivalent to two Americans.

In fact,China's manufacturing industry has long been the largest in the worldIn 2022, the scale of China's manufacturing industry has ranked first in the world for 13 consecutive years, and the added value of China's manufacturing industry accounts for about 30% of the world, which is equivalent to the total manufacturing of the United States, Japan, Germany, the United Kingdom, and France. It can be seen that China's primary and secondary industries are much higher than those of the United States, but the gap lies in the tertiary industry.

3.Tertiary sectorRefers to the division of the first.

1. Industries other than the secondary industry. It mainly includes wholesale and retail trade, transportation, warehousing and postal services, accommodation and catering, information transmission, software and information technology services, finance, real estate, leasing and business services, scientific research and technical services, water conservancy, environment and public facilities management, residential services, repair and other services, education, health and social work, culture, sports and entertainment, public administration, social security and social organizations, and international organizations. The data shows thatThe tertiary industry accounts for more than 80% of GDP in the United StatesConsumption underpins the size of the U.S. economy, with total private consumption accounting for 68% of GDP at 17$3 trillion, which is close to China's total GDP last year. In the United States, less than $6 trillion is spent on physical goods, while more than $11 trillion is spent on services. For example, residential consumer spending on property services, maintenance services, and virtual rents, as well as spending on finance, insurance, and health services, also account for the majority of U.S. GDP. At the same time, Federal** and local** consumer spending in the United States accounts for 14% of GDP, and private consumption adds up to 82%.

In addition to the service industry, industries such as culture and entertainment, sports, and catering have also created 42 of GDP, which is also higher than China's. It can be seen that from the perspective of the GDP composition of China and the United StatesThe GDP of the United States mainly comes from the strong contribution of the tertiary industryAmong them, household consumption expenditure accounts for a relatively large proportion, and the highest proportion is resident service expenditure. China's GDP mainly depends on the huge manufacturing industry, that is, China's real manufacturing industry supports economic growth, while the United States mainly relies on service consumption to support the economy. Wan Ziwen said:Every word of the article was typed out by me, and I clicked it outLookingLet me know that you are also working for lifeDo your best

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