It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Sorry, America. China just overtook the US to become the world's largest economy, according to the International Monetary Fund.
Chris Giles at the Financial Times flagged up the change. He also alerted us in April that it was all about to happen.
Basically, the method used by the IMF adjusts for purchasing power parity, explained here.
originally posted by: Elton
Scary!!!! just kidding...
From the article you linked I believe this is the more relevant bit...
So the USA is still winning, lol.
originally posted by: Cobaltic1978
The larger they come, the harder they fall.
The more economic power they have, the easier it will become for the banksters to bring them to their knees.
Probably not in the near future, but they will definitely be targeted in the end.
originally posted by: boogeywoogey
China has over one billion people....the U.S. has something like 300 million people.
Not really concerned.
China's tax revenue came to 6.31 trillion yuan (924 billion U.S. dollars) in 2009
a reply to: jimmyx
both China and the Saudis have us by the scrotum...all they have to do is cash in a trillion or so of the US debt they hold and, .BOOM!!!...the dollar drops to pennies within hours, no warning given, and nothing to stop it. check Greece last year or Argentina a few years ago.
Still time to learn mandarin I guess!
Quanta’s emphasis on hours that are easier on employees means they are prohibited from overtime shifts that advocates say are abusive, but which some workers insist they want….
Zhang Jiang, a slim 21-year-old, previously assembled laptop computers at another company in Shanghai. Each week, he sent the bulk of his pay home so his younger brother could stay in school. Overtime was like a blessing, he said.
But last summer, fed up with the 25-hour train trip to see his family, Mr. Zhang moved to Chongqing and joined Quanta. He enjoys the better facilities and dorms. He frequently visits his parents’ home. But his take-home pay has fallen by nearly a third and the thought that his brother may have to drop out of school so he can help the family gnaws at Mr. Zhang. Instead of working in the factory each night, he spends hours playing an online game, Dungeon Fighter.
“I’d like to work 80 hours a week,” he said
One might blame this on the advocates who push these companies for “better labor conditions”. Or one might blame Chinese law which at least nominally mandates that workers can work no more than 49 hours a week. But as both Tabarrok and Worstall emphasize the largest changes happening in Chinese labor markets are the result of market forces. And the article acknowledges that changes like lower mandated hours are part of an attempt to reduce turnover, so perhaps absent regulatory or advocate pressures firms would be limiting hours anyway. So these hourly limits, while they may make some workers worse off, may represent efficient contracts that make workers better off overall.
In any case, it is an important reminder: simply because you cannot imagine wanting to work 80 hours at a difficult job in a Chinese factory doesn’t mean you can necessarily help workers by banning them from doing this.
China uses a five-day workweek that spans from Monday to Friday, with Saturday and Monday off. The normal business hours are from 08:00 to 18:00, with two-hour break from 12:00 – 14:00. However, there are local variations in different sectors and cities.
Government offices, institutions and schools begin at 8:00 or 8:30, and end at 17:00 or 17:30 with two-hour noon break, from Monday to Friday. They usually close on Saturday, Sunday and public holidays.
Companies usually start at 8:30 and close at 18:00, with one or two hours noon break. Though usually open from Monday to Friday, companies have some staff on duty at weekends.
Banks and post offices open daily from 9:00 till 17:00. During weekends and public holidays, their business hours are shortened by one or two hours. One can find self-service banks and ATM machines operate any time.
Hotels and hospitals offer round-the-clock services every day. Community clinics are also open every day from 8:30 till past 22:00.