An I dumb or is this the sort of thing that is explained away with an exchange rate? How long would an average Chinese worker have to work to earn 4.9 RMB?
And Chinese workers pay less for housing and healthcare as well. I would reckon that transportation is probably also a lot cheaper since they have access to dirt-cheap public transit and are not expected to own battleship-sized cars. Utilities seems ridiculously cheap as well.
My back-of-the-envelope math says it somewhere around 30 minutes of minimum wage (minimum, most are making more than that). A shitty 40 of beer in the USA can be as cheap as $3, which is also around 30 minutes of minimum wage (but most people are making more than that). That’s still a little less than 1.5L, but it’s as close to an apples-to-apples comparison as you can get.
This does demonstrate the vast difference in PPP between US and Chinese goods. Beer is definitely part of the “basket of goods” that you can get for a much cheaper price in China.
Yeah that’s what my math gives too - if you factor in the alcohol content difference between this and a 40 of malt liquor it seems to shake out pretty similarly.
An I dumb or is this the sort of thing that is explained away with an exchange rate? How long would an average Chinese worker have to work to earn 4.9 RMB?
The average annual earnings in China is $16,300
If you normalise this against the US which is $47,960
This is roughly 3x
So multiply the price of that beer by 3 and I think you have a fair rough comparison. Any beer that costs 2 dollars for 1.5L? Probably not.
China’s grocery basket is cheaper than the US.
And Chinese workers pay less for housing and healthcare as well. I would reckon that transportation is probably also a lot cheaper since they have access to dirt-cheap public transit and are not expected to own battleship-sized cars. Utilities seems ridiculously cheap as well.
god I wish I lived in China
You can typically get a single 24oz beer from a convenience store for like $2.50, which is like .7 liters. So like $5 for 1.5L
My back-of-the-envelope math says it somewhere around 30 minutes of minimum wage (minimum, most are making more than that). A shitty 40 of beer in the USA can be as cheap as $3, which is also around 30 minutes of minimum wage (but most people are making more than that). That’s still a little less than 1.5L, but it’s as close to an apples-to-apples comparison as you can get.
This does demonstrate the vast difference in PPP between US and Chinese goods. Beer is definitely part of the “basket of goods” that you can get for a much cheaper price in China.
edward aldi hands doesnt have the same ring to it
Yeah that’s what my math gives too - if you factor in the alcohol content difference between this and a 40 of malt liquor it seems to shake out pretty similarly.
hourly minimum wage is 10 to 25 rmb depending on province in 2021 according to natopedia