How Singapore’s GDP compares to China’s ‘1 trillion RMB club’
This piece of news just in ‘China’s ‘1 trillion RMB club’ now has 12 members‘.
According to the latest data, the gross domestic products (GDP) of both Nanjing and Qingdao have broken the 1-trillion-RMB mark, granting them entry into the “1 trillion RMB club” and increasing the club’s numbers from 10 to 12. The 12 cities have GDP totalling about $2.6 trillion, higher than France’s economic aggregate in 2016.
In 2006, Shanghai became the first Chinese city whose GDP exceeded 1 trillion RMB. From 2008 to 2010, the GDP of Beijing and Guangzhou successively exceeded 1 trillion RMB. In 2011, Shenzhen, Tianjin, Suzhou and Chongqing became members of the club. Wuhan and Chengdu joined their ranks in 2014. In 2015, Hangzhou’s GDP also surpassed 1 trillion RMB. In 2016, Nanjing and Qingdao became the newest cities to boast that accomplishment.
Among the 12 cities, Shanghai and Beijing are in the first echelon in terms of economic aggregate. In 2016, Shanghai’s GDP was 2.7 trillion RMB, and that of Beijing was 2.5 trillion. It took both cities roughly six years to double their GDP, since the cities passed their 1 trillion RMB marks in 2006 and 2008 respectively.
At current SGDCNY exchange rate of 4.84, 1 trillion RMB is about SGD207 billion. Singapore’s 2015 GDP was SGD293 billion.
China has 12 cities (not provinces) that are in Singapore’s league in terms of GDP numbers. Shanghai has the largest GDP at SGD558 billion. Beijing the second largest has SGD517 billion GDP. All of them are still doing GDP growth in excess of 6%. Chongqing for example is growing at 10.7%.
Nearer by, fellow ASEAN countries like Myanmar and Philippines are doing 7% GDP growth. Singapore pulled in 1.8%.
It is little wonder why Singapore Government formed a Committee For Future Economy that just delivered their 100+ page report 4 hours ago.
In my opinion, every individual needs to have a little bit of anxiety, a bit of hunger in order not to fall behind. Work hard, play hard, treasure what you have, pick up a skill that can be monetised when you can. A little bit of extra income goes a long way to meet household expenses, more money to put aside for rainy days. While the G works on our national competitiveness, each individual should take care of our own.