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An introduction to the comparison of living in hong kong and united states

Revenues calculated on an exchange rate basis, i.

  • September to January are generally accepted as being the most pleasant months where the weather is hot and sunny but the humidity low;
  • China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978;
  • China continues to lose arable land because of erosion and urbanization;
  • The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat;
  • This entry gives the gross domestic product GDP or value of all final goods and services produced within a nation in a given year.

This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.

Countries with high budget deficits relative to their GDPs generally have more difficulty raising funds to finance expenditures, than those with lower deficits. No date was available from the Wikipedia article, so we used the date of retrieval. This entry briefly describes the type of economyincluding the degree of market orientation, the level of economic development, the most important natural resourcesand the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.

This entry provides the total US dollar amount of merchandise exports on an f. These figures are calculated on an exchange rate basis, i. Figures expressed per capita for the same year. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.

It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.

Expat's Manual

Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry.

Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.

  • Still, China's per capita income is below the world average;
  • Hong Kong does not require withholding on employment income, so taxpayers pay tax in lump sums as opposed to on a monthly basis;
  • Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services the ones the country trades and may not capture the value of the larger set of goods the country produces;
  • US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products;
  • These receipts should include any other prepayment made for goods or services received in the destination country.

This entry gives the gross domestic product GDP or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity PPP exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States.

This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States for example, the value of an ox-cart or non-US military equipment ; as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services.

In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. Per capita figures expressed per 1 population. This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year. This entry furnishes the annual percent change in consumer prices compared with the an introduction to the comparison of living in hong kong and united states year's consumer prices.

This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings. This entry contains the percent of the labor force that is without jobs.

Substantial underemployment might be noted. This index measures the degree of inequality in the distribution of family income in a country. The index is calculated from the Lorenz curve, in which cumulative family income is plotted against the number of families arranged from the poorest to the ric Human Development Index: The human development index values in this table were calculated using a consistent methodology and consistent data series.

They are not strictly comparable with those in earlier Human Development Reports. Purchasing power parity conversion factor is the number of units of a country's currency required to buy the same amount of goods and services in the domestic market as a U. Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market.

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It is calculated as an annual average based on monthly averages local currency units relative to the U. The ratio of the PPP conversion factor to the official exchange rate also referred to as the national price level makes it possible to compare the cost of the bundle of goods that make up gross domestic product GDP across countries. It tells how many dollars are needed to buy a dollar's worth of goods in the country as compared to the United States.

The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month.

All yearly references are for the calendar year CY unless indicated as a noncalendar fiscal year FY. The gross domestic product GDP or value of all final goods produced by the industrial sector within a nation in a given year. This entry provides the total US dollar amount of merchandise imports on a c. The technology index denotes the country's technological readiness.

Human Development Index trends, 1980-2012. Figures expressed per thousand people for the same year. This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value. Expenditures calculated on an exchange rate basis, i. Gini index measures the extent to which the distribution of income or, in some cases, consumption expenditure among individuals or households within an economy deviates from a perfectly equal distribution.

A Lorenz curve plots the cumulative percentages of total income received against the cumulative number of recipients, starting with the poorest individual or household. The Gini index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a percentage of the maximum area under the line. Thus a Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality.

Reserves of foreign exchange and gold per capita: This entry gives the dollar value for the stock of all financial assets that are available to the central monetary authority for use in meeting a country's balance of payments needs as of the end-date of the period specified.

This category includes not only foreign currency and gold, but also a country's holdings of Special Drawing Rights in the International Monetary Fund, and its reserve position in the Fund. Net foreign assets current LCU. Net foreign assets are the sum of foreign assets held by an introduction to the comparison of living in hong kong and united states authorities and deposit money banks, less their foreign liabilities.

Data are in current local currency. Total public and private debt owed to non-residents repayable in foreign currencygoods, or services. Gross domestic savings are calculated as GDP less final consumption expenditure total consumption. The gross domestic product GDP or value of all final services produced within a nation in a given year. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.

Data are in constant local currency. International tourism, number of arrivals.

China vs. United States

International inbound tourists overnight visitors are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited.

When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics police, immigration, and the like and supplemented by border surveys.

In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival.

International tourism receipts are expenditures by international inbound visitors, including payments to national carriers for international transport.

These receipts should include any other prepayment made for goods or services received in the destination country. They also may include receipts from same-day visitors, except in cases where these are so important as to justify a separate classification. Consumer price index reflects changes in the cost to the average consumer of acquiring a fixed basket of goods and services that may be fixed or changed at specified intervals, such as yearly.

Introduction

The Laspeyres formula is generally used. The gross domestic product GDP or value of all final goods produced by the agricultural sector within a nation in a given year. PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates.

An international dollar has the same purchasing power over GDP as the U. Data are in current international dollars. A rank ordering of industries starting with the largest by value of annual output. The distribution gives the percentage contribution to total GDP of household consumption, government consumption, investment in fixed capital, investment in inventories, exports of goods and services, and imports of goods and services, and will total 100 percent of GDP if the data are complete.

This includes consumption of both domestically produced and foreign goods and services. These figures exclude government transfer payments, such as interest on debt, unemployment, and social security, since such payments are not made in exchange for goods and services supplied. It is measured gross of the depreciation of the assets, i.

Earlier editions of The World Factbook referred to this concept as Investment gross fixed and that data now have been moved to this new field. This figure may be positive or negative. If the stock of unsold output increases during the relevant time period, investment in inventories is positive, but, if the stock of unsold goods declines, it will be negative.

Investment in inventories normally is an early indicator of the state of the economy. GDP per capita is gross domestic product divided by midyear population. This entry contains the total labor force figure. GDP growth on an annual basis adjusted for inflation and expressed as a percent.

Cost of Living

Central government debt, total current LCU. Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date.

It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans.