Credit Suisse, Nov 8 – The rise of the Chinese economy over the past 20 years has had a significant impact on the rest of the world. Dong Tao, Chief Regional Economist for non-Japan Asia at Credit Suisse, discusses the country’s growth and the impact on its citizens, as well as its role in the increasingly multipolar world.
“Let me give you an example of the sheer size of the Chinese economy. There are 256 cities in China with a population of more than 1 million people. With more than 1.3 billion people in total, the country’s population is huge,” said Dong.
“Any number multiplied by 1.3 billion results in a high number. So, the overall size of the economy is big and it’s growing stronger, which is good news. However, any number that is divided by 1.3 billion results in a low number. This equation – total GDP divided by the size of the population – provides a measure of standard of living within an economy. Therefore, despite its size, many of its people are struggling to maintain a reasonable living standard. China is still a developing country and that is the reality it must face.”