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MaomingMaster
Board Legend
Joined: Feb 03, 2004
Posts: 11059
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 Posted:
Dec 15, 2005 - 08:19 AM |
 
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| Post subject: China takes over Britain as stronger economy. |
Here ya go Lovethemho (or whatever that kitties name is...) - you'll love this one.
http://business.guardian.co.uk/story/0,,1666610,00.html
China to overtake Britain after Beijing underestimates growth
Larry Elliott
Wednesday December 14, 2005
The Guardian
China will overtake Britain as the world's fourth-biggest economy this year after the government in Beijing found it had underestimated output of the fastest-growing country in the world by as much as 20%.
China's first national census will show that under-recording of the service sector meant that China was just behind Britain in the global league table last year.
Economists said another year of rapid growth in China, a weak UK performance and changes in exchange rates left only the United States, Japan and Germany ahead of China in 2005. Jim O'Neill, head of global economics at Goldman Sachs, said he had expected China to overtake Britain by 2007 but that Beijing's revisions to the data had brought the date forward.
Article continues
Goldman Sachs believes Brazil, Russia, India and China will expand rapidly in the next 30 to 50 years, overtaking all the richest countries bar the US. Mr O'Neill said: "If these figures are confirmed then it will mean that China will become the fourth-largest economy in the world."
The revisions also suggested that growth has been better balanced than some analysts feared, he said. Concerns were raised about an investment bubble but the new data suggested stronger growth of private services. "Speculation about an investment bubble that will have to crash is misplaced," he said.
China's GDP had been put at $1.65 trillion in 2004. The census found an extra $300bn of output - in sectors such as law, financial services, consultancy and advertising - and will lead to revisions in the growth rate over the past 10 years.
The Bank of England said the sterling-dollar exchange rate averaged $1.83 in 2004, making China's GDP worth £1.065 trillion. Last week's pre-budget report put British GDP in 2004 at £1.11 trillion. In 2005, China is estimated to have grown by 9% - five times as fast as Gordon Brown's 1.75% forecast for Britain. Sterling's decline against the dollar will also have the effect of inflating the value of China's GDP.
Julian Jessop, of Capital Economics, said: "These numbers show that the UK will clearly be overtaken by China in 2005. ... This increases the case for China to join the G7, perhaps in place of one of the smaller countries like Canada."
Beijing assumed that services made up almost 30% of China's GDP. But last year it launched a census to give a fuller picture of an economy that has grown by 8.7% on average for the past 10 years. The last big correction of data, in the mid-1990s, led to an upward revision of growth in the 15 years since the market reforms in 1978.
Most western economies, including Britain's, struggle to measure service-sector output but economists said China's statistical techniques up until now had been especially crude, leading to a systematic understatement of its contribution.
Frithjof Schmidt, a German Green MEP at the World Trade Organisation talks in Hong Kong, said the news would fan protectionism in the west. "China's success has made even strong industrial nations nervous ... Those who advocate free trade in Europe are beginning to rethink."
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I thought China has already beaten Britain in terms of bigger, stronger, better economy. Oh well.
I suppose that explains the lack of beggars in my neighbourhood.
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dfoo
Post Roaster
Joined: Jan 19, 2005
Posts: 4140
Status: Offline
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Dec 15, 2005 - 08:57 AM |
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It's pretty amazing when you think about it that Britain is anywere near the top. Its a small country, with a population of what? About 60 million (18th in the world from what I can see online)? |
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MaomingMaster
Board Legend
Joined: Feb 03, 2004
Posts: 11059
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Dec 15, 2005 - 09:03 AM |
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It's amazing that a country the size of Canadon't features nowhere on any list other than being really big and full of tossers.
And before you get out your pram about it this is my idea of humour. Try playing along. Personal abuse is always good with me. |
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bougie
Board Buddha
Joined: Nov 20, 2004
Posts: 13288
Location: Wuhan Hubei China
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Dec 15, 2005 - 09:05 AM |
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dfoo
Post Roaster
Joined: Jan 19, 2005
Posts: 4140
Status: Offline
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Dec 15, 2005 - 09:16 AM |
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Canada is a **** hole. Big country with what 30 million people? Mostly Eskimos from what I hear.
Newfoundland itself is actually bigger in physical size than the UK, and further south to boot!  |
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commando
Board Royalty
Joined: July 07, 2004
Posts: 7084
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Dec 15, 2005 - 09:20 AM |
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UK is still nails though.
Beat the crap out of China anyday of the week, but we need our tea break at 3pm most days and Sunday's were all drunk. |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Dec 15, 2005 - 09:21 AM |
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I don't even know what we do in the UK these days. We don't manufacture anything anymore. Damn big financial services market though. Can the UK really be 4th in the World on the basis of that? |
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bellabella
Gypsy Queen
Joined: Aug 03, 2004
Posts: 14989
Location: London
Status: Offline
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Dec 15, 2005 - 10:13 AM |
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| hammerforlife wrote: |
| I don't even know what we do in the UK these days. We don't manufacture anything anymore. Damn big financial services market though. Can the UK really be 4th in the World on the basis of that? |
that's a good point hammer. My korean students are always telling me how Samsung is the biggest company in korea etc etc and when they ask me what are the big companies in england I just don't know. What does the UK do? What are our major industries? I can't really think of any, so where does the big economy come from. Am I just being dense because i know **** about economics? |
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wolfy
Fire-eater
Joined: Sep 13, 2004
Posts: 2510
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Dec 15, 2005 - 10:19 AM |
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The UK economy is a serviced based economy. Britain should try to be more like the United States. We should hold the Europeans to ransom and threaten to join NAFTA. The UK does more business with America than anyone else anyway. |
_________________
Good old English spirit! http://www.youtube.com/watch?v=7MG27BKwjaI |
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shanghaiphooey
Barker
Joined: Nov 26, 2005
Posts: 147
Status: Offline
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Dec 15, 2005 - 10:53 AM |
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MMM, this tells us that the english money whatever name they call it is a big puff. They puff their money as well as their face.
When the bubble burst in the puffed face, it will be ugly. |
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commando
Board Royalty
Joined: July 07, 2004
Posts: 7084
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Dec 15, 2005 - 10:58 AM |
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^ WTF are you saying you knobjokey.
F ucksake never bloody ending with there shite English.
Make bloody sense Doreen. |
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shanghaiphooey
Barker
Joined: Nov 26, 2005
Posts: 147
Status: Offline
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Dec 15, 2005 - 10:58 AM |
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I know why they are #4 after China. They have all these banks setup at those middle American small countries doing money laundry business. Basically they steal money from the Americans. |
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wolfy
Fire-eater
Joined: Sep 13, 2004
Posts: 2510
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Dec 15, 2005 - 11:03 AM |
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| hammerforlife wrote: |
| I don't even know what we do in the UK these days. We don't manufacture anything anymore. Damn big financial services market though. Can the UK really be 4th in the World on the basis of that? |
Two words; Gordon Brown. Strong pound = cheap prices in the shops (chinese made goods), almost full employment. Well managed fiscal and monetary policy. |
_________________
Good old English spirit! http://www.youtube.com/watch?v=7MG27BKwjaI |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Dec 15, 2005 - 11:11 AM |
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| shanghaiphooey wrote: |
| I know why they are #4 after China. They have all these banks setup at those middle American small countries doing money laundry business. Basically they steal money from the Americans. |
I used to be in the group that thought you should be banned, but now I enjoy your input. I am always amazed that each of your posts demonstrates your ever increaing ignorance. Uk banks doing money laundering! You do make me laugh. Keep it up! |
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shanghaiphooey
Barker
Joined: Nov 26, 2005
Posts: 147
Status: Offline
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Dec 15, 2005 - 11:13 AM |
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Yes, it was mentioned in the newspaper in California. One US government official got caught at the airport while carrying big amont of cash there. They also mentioned a UK bank where his account was.
ajj may be able to help you to find this guys name and the UK bank. |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Dec 15, 2005 - 11:16 AM |
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| wolfy wrote: |
| hammerforlife wrote: |
| I don't even know what we do in the UK these days. We don't manufacture anything anymore. Damn big financial services market though. Can the UK really be 4th in the World on the basis of that? |
Two words; Gordon Brown. Strong pound = cheap prices in the shops (chinese made goods), almost full employment. Well managed fiscal and monetary policy. |
Yes I agree that the UKs economy is well managed even compared with other european countries. But you have to provide some sort of services to generate the cash. The UK used to be a big manufacturer of cars for example but they don't even have a serious car company anymore, all sold to the germans. UK oil is on the way out. I know the figure show that the economy is very strong, I just don't understand what is driving it. |
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maodaman
Barker
Joined: Nov 30, 2005
Posts: 183
Location: maotown
Status: Offline
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Dec 15, 2005 - 11:17 AM |
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actually UK as a country lives on treasures they stolen/robbed from rest of the world during the last 200 years. they have a lot of gold, diamand from africa, antiques from asia, middle-east. |
_________________
there is NO god |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Dec 15, 2005 - 11:20 AM |
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| shanghaiphooey wrote: |
Yes, it was mentioned in the newspaper in California. One US government official got caught at the airport while carrying big amont of cash there. They also mentioned a UK bank where his account was.
ajj may be able to help you to find this guys name and the UK bank. |
Can't believe you are trying to enlist the help of ajj, anyway...
I have recently been trying to transfer a decent sum of money through the UK. The process has taken weeks, all because of the detailed checks of where the money has come from because of the money laundering regulations. The UKs laws for this now are probably the tightest in the World. |
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shanghaiphooey
Barker
Joined: Nov 26, 2005
Posts: 147
Status: Offline
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Dec 15, 2005 - 11:21 AM |
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Yep, Spain used to be like that too. Got a lot of gold from South America and a whole country became lazy azz and got overtaken by the others. |
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shanghaiphooey
Barker
Joined: Nov 26, 2005
Posts: 147
Status: Offline
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Dec 15, 2005 - 11:23 AM |
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| hammerforlife wrote: |
| shanghaiphooey wrote: |
Yes, it was mentioned in the newspaper in California. One US government official got caught at the airport while carrying big amont of cash there. They also mentioned a UK bank where his account was.
ajj may be able to help you to find this guys name and the UK bank. |
Can't believe you are trying to enlist the help of ajj, anyway...
I have recently been trying to transfer a decent sum of money through the UK. The process has taken weeks, all because of the detailed checks of where the money has come from because of the money laundering regulations. The UKs laws for this now are probably the tightest in the World. |
I'm not saying they are stealing their own money. I'm saying they are stealing American's money.
BTW, ajj and me are bros. We are like tight. We used to soap our balls in Shanghai gym locker room together. |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Dec 15, 2005 - 11:24 AM |
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| shanghaiphooey wrote: |
| I'm not saying they are stealing their own money. I'm saying they are stealing American's money. |
And if that's true the problem is......................? |
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MaomingMaster
Board Legend
Joined: Feb 03, 2004
Posts: 11059
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Dec 15, 2005 - 11:29 AM |
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England got rich from selling smack to the Chinese. |
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maodaman
Barker
Joined: Nov 30, 2005
Posts: 183
Location: maotown
Status: Offline
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Dec 15, 2005 - 11:33 AM |
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bingo, maomingm is the winner ! damn I was just about to say that. |
_________________
there is NO god |
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MaomingMaster
Board Legend
Joined: Feb 03, 2004
Posts: 11059
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Dec 15, 2005 - 11:37 AM |
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Typical of a local to be slow off the mark - even about their own history.
You should host the Retarded Olympics in 2008 instead of the usual olympics. China would win hands down. |
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wolfy
Fire-eater
Joined: Sep 13, 2004
Posts: 2510
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| Posted:
Dec 15, 2005 - 11:39 AM |
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| hammerforlife wrote: |
| Yes I agree that the UKs economy is well managed even compared with other european countries. But you have to provide some sort of services to generate the cash. The UK used to be a big manufacturer of cars for example but they don't even have a serious car company anymore, all sold to the germans. UK oil is on the way out. I know the figure show that the economy is very strong, I just don't understand what is driving it. |
They key to a strong economy is its small businesses. The backbone of the UK economy are the thousands of engineering and consulting firms in the small industrial estates dotted all over the country.
A massive sector of the UK economy is obviously leisure, tourism and entertainment. Financial services, as you mentioned before is the only thing that Britain still leads the world in these days. Petrochemicals and pharmaceuticals are also still big. |
_________________
Good old English spirit! http://www.youtube.com/watch?v=7MG27BKwjaI |
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