China remains largest developing country: Economist
Beijing, April 16: China remains the world's largest developing country despite having a a low per capita GDP, lingering urban-rural gap, weak industrial competitiveness and technological innovation, according to an economist.
The remarks were made by Wang Yuanhong, an economist at the State Information Centre, Xinhua news agency reported on Monday.
"We should look at both economic aggregate and per capita figures when measuring the real development level of a country," Wang said.
Despite being the world's second largest economy, China's per capita GDP in 2016 was only 80 percent of the world average, one-seventh of the US and was ranked the 68th globally.
"Chinese per capita consumer spending was only $2,506 in 2016, less than half of the world average and only 7 percent of the US."
The Engel's coefficient, which measures food expenditures as a proportion of total household spending, stood at 29.3 per cent in China, much higher than developed economies.
"It means the Chinese people still have to spend big on basic needs, and their expenditure on culture, health care, entertainment and tourism are much less than people in developed countries," Wang said.
He said China was still "a follower in technological innovation", with businesses inadequate in research and development.
"Eighty percent of core technology, most of high-end equipment, and core components are reliant on imports."
Despite emerging new technology, products and business models, China is yet to complete building an innovation-driven growth pattern, Wang said.
The disparity of people's incomes per capita between provinces can be as large as more than four times, and there is still a marked gap in infrastructure and public services between cities and villages.
"China's urbanisation ratio was only 58.52 per cent in 2017, far below the around 80 per cent of developed countries," Wang said.
Compared with developed countries, China lags behind in many other areas including environment protection, investment effectiveness and market supervision, the economist added.
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A strong magnitude 6.1 earthquake shakes Indonesia's Java Island, felt in Jakarta
Jakarta, Apr 27: A strong magnitude 6.1 earthquake shook the southern part of Indonesia's main island of Java on Saturday, but there were no immediate reports of injury or significant property damage.
The U.S. Geological Survey said the quake struck 102 kilometers (63 miles) south of Banjar city at a depth of 68.3 kilometers (42.4 miles). There was no tsunami warning.
High-rises in the capital Jakarta swayed for around a minute and two-story homes shook strongly in the West Java provincial capital of Bandung and in Jakarta's satellite cities of Depok, Tangerang, Bogor and Bekasi. The quake was also felt in other cities in West Java, Yogyakarta and East Java province, according to Indonesia's Meteorology, Climatology and Geophysical Agency.
The agency warned of possible aftershocks.
Earthquakes are frequent across the sprawling archipelago nation, but they are rarely felt in Jakarta.
Indonesia, a seismically active archipelago of 270 million people, is prone to seismic upheaval because of its location on major geological faults known as the Pacific “Ring of Fire.”
A magnitude 5.6 earthquake in 2022 killed at least 602 people in West Java's Cianjur city. It was the deadliest in Indonesia since a 2018 quake and tsunami in Sulawesi killed more than 4,300 people.
In 2004, an extremely powerful Indian Ocean quake set off a tsunami that killed more than 230,000 people in a dozen countries, most of them in Indonesia's Aceh province.
