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Originally posted by cliffal at 2007-3-1 10:41
GDP is an important measurement of national richness. However, there is too much statistical bias
in GDP.So some other indicators are also neededl. Let me give some comparsion between China and U.S.:
The ratio of urbannization: 40% of Chinese living in the cities, it is the level of U.S. in 1900.
The using of durable goods in households(TV, refrigerator, automobile), Chinese level is that of U.S. in 1940s.
The industrial structure(agriculture, manufature, sevice..), Chinese level is that U.S. in 1920s.
From these indicators, we can see that China is really a developing country because it is much lagged.
And what was the urbanization ratio 5 years ago? Or the industrial structure? The point is that these indicators change VERY FAST in China, much faster than the US did 60-70 or 80 years ago, because China is in a CATCH-UP phase, not a world leader phase, like the US was (and is).
Very few would call South Korea a poor country, even if it lags the US. In 2020, China will be just as rich as South Korea was in 2005. That speaks volumes.