And here’s a graph of real wage growth (not PPP adjusted): Why is this important? Because year after year we see China pundits predicting a crash. When it doesn’t happen, some people claim the GDP numbers are “fake news”. The problem with these arguments is that the Chinese wage ...
China's real GDP growth ranged at 5.2 percent in 2023. China's per capita GDP is also expected to continue to grow, reaching 12,600 U.S. dollars in 2023. Comparatively, Luxembourg and Ireland have some of the world’s largest GDP per capita with 129,800 U.S. dollars and 104,300 U...
and we've seen that starting to decline again. So we expect the labor market to weaken from pretty strong levels, but to weaken as we go through the year, and that's going to lead to sore wage growth and therefore a little less willingness...
Let me illustrate this point with a few headlines, that slower wage growth is the objective of the Federal Reserve. That's my article, from the early days of 2022, on the upper left: “The Fed's Target is Workers”. The point has been made by others who are closer to the center of...
In emerging markets, average wage growth in 2017, at 4.3 percent, was faster than in the advanced G20 economies, but still slower than the previous year (4.9 percent). Asia enjoyed the fastest real wage growth, owing largely to China and a few smaller countries such as Cambodia, Sri Lanka...
The results suggest that underlying real phenomena are important in explaining recent history; while nominal renmimbi appreciation may dampen price and wage increases, it would probably not change the real factors that have sustained rapid growth.Highlights? We present a stylized neoclassical growth ...
For aggregate economies, new policy questions have taken center stage: How do GVCs affect firm performance in the short run and growth prospects in the long term? If global production lines enable firms in advanced economies to profitably offshore, do they also engender cross-border technology ...
2 The gender wage gap in China: hypothesis development This section reviews the historical background of the market-oriented reforms and economic growth track in China from the latter half of the 1980s, when the Reform and Opening-Up policy (Gaige Kaifang) was enforced, to the present; it ...
Using this broader “supply chain” perspective, researchers conclude that 75% of U.S. workers on average experienced real wage growth following exposure to the China trade shock. How has the explosive growth of China’s exports after its accession to the WTO affected the U.S. labor market?
We promoted development of the real economy through innovation, continued to foster new drivers of growth, and effectively countered external attempts to suppress and contain China’s development. 增强科技创新引领作用。强化国家战略科技力量,实施一批科技创新重大项目,加强关键核心技术攻关。发挥好高校、科研院...