Estimates of Chinese gross domestic product, released this morning, showed that the rate of growth has sunk to its lowest since the financal crisis. Double-digit expansion may be a thing of the past, but China’s economy is now four times larger than it was at the turn of the century. Measuring China’s GDP using purchasing power parity, the International Monetary Fund estimates that China’s economy will be bigger than the US’s by the end of the year.
by Gavin Jackson and Keith Fray
On Tuesday the International Monetary Fund released its latest World Economic Outlook. A striking new finding emerges: the seven largest emerging markets are now bigger, in gross domestic product terms, than the long established G7 group of industrialised nations, when measured at purchasing power parity (PPP).
by Andrew Jack
From trade embargoes to arms blockades, sanctions have long been an extension of conflict by non-military means. Since the start of the twenty-first century, there has been growing use of “targeted” sanctions that draw on intelligence to pinpoint individuals for travel bans or asset freezes. The United Nations, the European Union and the US have announced a wide series of measures, while other organisations including the African Union and individual countries have also issued them with varying degrees of success.
There is fierce debate about the effectiveness of sanctions, with at least two organisations seeking to assess their mixed impact. Our interactive graphic draws on the global analysis by the Peterson Institute for International Economics and the Targeted Sanctions Consortium, based in Switzerland.
Chinese exports increased by 4.3 per cent in December compared to the same month last year, while imports rose by 8.3 per cent. That gave China a total of $4.16tn in combined exports and imports in 2013, a figure that the US will find difficult to match. This leaves no doubt that China, the world’s second-biggest economy, is now the world’s biggest trading nation on an annual basis.
Chinese and US trade values were similar in 2012, slightly larger for China according to their respective national data but slightly bigger for the US according to the World Trade Organisation and the International and Monetary Fund.
Gentrification and commercial developments are breaking up Chinatowns in US and British cities, squeezing Chinese communities out of the vibrant neighbourhoods that grew up around earlier generations of migrants.
The changing demographics of New York City further highlight this pattern, with Asian communities having sprung up in Flushing and Queens, where they were traditionally focused in Lower Manhattan.
The animated maps above show decadal changes in the spread of localised Chinese and Asian communities in London, New York and San Francisco, created using data from the 2001 and 2011 editions of the UK census and the US censuses of 2000 and 2010.
US economic growth has been revised upwards to 2.5 per cent. A pretty impressive rate, given that the UK is currently stagnating at just 0.7 per cent. On the other hand, it looks less impressive when compared to China’s booming 7.6 per cent (even though, for China, that’s a slowdown).
But wait a minute. Economists across the land are howling in pain at this jumble of misinterpretation. These rates aren’t comparable at all – because they’re all measuring different things.