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Map: China’s Provinces Rival Countries in Population Size

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Map: China

Chart: China’s Provinces Rival Countries in Population Size

The very mention of China triggers both awe and anxiety in the mainstream media.

With the globe’s largest GDP (PPP) at $23.12 trillion, China is indisputably a close contender for the title of world’s largest economic superpower along with the United States.

But what makes this possible in the first place? The countryโ€™s economic clout arguably stems from its human capital: a 1.4 billion-strong population.

A Force to be Reckoned With

Each of Chinaโ€™s 33 distinct regions is home to a population size on par with entire countries:

Chinese ProvincePopulation (millions)Comparable CountriesPopulation (millions)
๐Ÿ‡จ๐Ÿ‡ณ Anhui62๐Ÿ‡ซ๐Ÿ‡ท France64.5
๐Ÿ‡จ๐Ÿ‡ณ Beijing21.7๐Ÿ‡ซ๐Ÿ‡ฎ Finland, ๐Ÿ‡ธ๐Ÿ‡ช Sweden, ๐Ÿ‡ณ๐Ÿ‡ด Norway20.7
๐Ÿ‡จ๐Ÿ‡ณ Chongqing30.5๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia31.7
๐Ÿ‡จ๐Ÿ‡ณ Fujian38.7๐Ÿ‡ฆ๐Ÿ‡ซ Afghanistan34.6
๐Ÿ‡จ๐Ÿ‡ณ Gansu26.1๐Ÿ‡พ๐Ÿ‡ช Yemen29.1
๐Ÿ‡จ๐Ÿ‡ณ Guangdong110๐Ÿ‡ต๐Ÿ‡ญ Philippines103.2
๐Ÿ‡จ๐Ÿ‡ณ Guangxi48.4๐Ÿ‡จ๐Ÿ‡ด Colombia48.7
๐Ÿ‡จ๐Ÿ‡ณ Guizhou35.5๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco34.5
๐Ÿ‡จ๐Ÿ‡ณ Hainan9.1๐Ÿ‡ฆ๐Ÿ‡น Austria8.7
๐Ÿ‡จ๐Ÿ‡ณ Hebei74.7๐Ÿ‡น๐Ÿ‡ญ Thailand69
๐Ÿ‡จ๐Ÿ‡ณ Heilongjiang38๐Ÿ‡ฎ๐Ÿ‡ถ Iraq37.9
๐Ÿ‡จ๐Ÿ‡ณ Henan95.3๐Ÿ‡ช๐Ÿ‡ฌ Egypt90.2
๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong7.3๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica, ๐Ÿ‡จ๐Ÿ‡ท Costa Rica7.7
๐Ÿ‡จ๐Ÿ‡ณ Hubei58.8๐Ÿ‡ฐ๐Ÿ‡ท South Korea51.2
๐Ÿ‡จ๐Ÿ‡ณ Hunan68.2๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom65.6
๐Ÿ‡จ๐Ÿ‡ณ Jiangsu80๐Ÿ‡น๐Ÿ‡ท Turkey79.8
๐Ÿ‡จ๐Ÿ‡ณ Jiangxi45.9๐Ÿ‡ฆ๐Ÿ‡ท Argentina43.6
๐Ÿ‡จ๐Ÿ‡ณ Jilin27.3๐Ÿ‡ฌ๐Ÿ‡ญ Ghana27.6
๐Ÿ‡จ๐Ÿ‡ณ Liaoning43.8๐Ÿ‡ช๐Ÿ‡ธ Spain46.4
๐Ÿ‡ฒ๐Ÿ‡ด Macau0.61๐Ÿ‡ฒ๐Ÿ‡ช Montenegro0.62
๐Ÿ‡จ๐Ÿ‡ณ Inner Mongolia25.2๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark, ๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg, ๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands23.3
๐Ÿ‡จ๐Ÿ‡ณ Ningxia6.7๐Ÿ‡ธ๐Ÿ‡ป El Salvador6.3
๐Ÿ‡จ๐Ÿ‡ณ Qinghai5.9๐Ÿ‡ธ๐Ÿ‡ฌ Singapore5.6
๐Ÿ‡จ๐Ÿ‡ณ Shaanxi38.1๐Ÿ‡ต๐Ÿ‡ฑ Poland38
๐Ÿ‡จ๐Ÿ‡ณ Shandong99.5๐Ÿ‡ป๐Ÿ‡ณ Vietnam92.7
๐Ÿ‡จ๐Ÿ‡ณ Shanghai24.2๐Ÿ‡ท๐Ÿ‡ด Romania, ๐Ÿ‡ญ๐Ÿ‡ท Croatia24.5
๐Ÿ‡จ๐Ÿ‡ณ Shanxi36.8๐Ÿ‡จ๐Ÿ‡ฆ Canada36.2
๐Ÿ‡จ๐Ÿ‡ณ Sichuan82.6๐Ÿ‡ฉ๐Ÿ‡ช Germany82.3
๐Ÿ‡จ๐Ÿ‡ณ Tianjin15.6๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia, ๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic16
๐Ÿ‡จ๐Ÿ‡ณ Xinjiang24๐Ÿ‡ฆ๐Ÿ‡บ Australia24.4
๐Ÿ‡จ๐Ÿ‡ณ Xizangย (Tibet)3.3๐Ÿ‡บ๐Ÿ‡พ Uruguay3.5
๐Ÿ‡จ๐Ÿ‡ณ Yunnan47.7๐Ÿ‡ฐ๐Ÿ‡ช Kenya45.4
๐Ÿ‡จ๐Ÿ‡ณ Zhejiang55.9๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa55.6

To drill down further, China is composed of:

  • 4 municipalities
    Beijing, Chongqing, Shanghai, and Tianjin
  • 5 autonomous regions
    Guangxi, Inner Mongolia, Ningxia, Tibet, and Xinjiang
  • 2 special administrative regions (SAR)
    Hong Kong and Macau

The remaining 22 are the officially-labeled provinces of China.

It’s worth noting that Taiwan is also claimed as one of China’s provinces, even though there is some ambiguity and disagreement around Taiwan’s actual political status.

Nevertheless, itโ€™s clear that every region, and especially the massive cities with them, are substantial contributors to the country’s growth and success.

A New Demographic Era Ahead

Going forward, Chinaโ€™s population may cease to be a strength that contributes to rapid economic growth.

In the wake of the infamous one child policy, the country could soon by dealing with the demographic time bomb of a rapidly aging population.

China population pyramid

Source: Population Pyramid

By 2050, almost four in ten people in China will be above the age of 60, which will create an added strain on the already declining working-age population.

The good news for China?

The country is making moves to combat the challenges ahead, including ambitious plans to build a $1 trillion artificial intelligence industry by 2030 – an attempt to close the impending labor gap.

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Markets

Mapped: The Growth in House Prices by Country

Global house prices were resilient in 2022, rising 6%. We compare nominal and real price growth by country as interest rates surged.

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The Growth in House Prices by Country

Mapped: The Growth in House Prices by Country

This was originally posted on Advisor Channel. Sign up to the free mailing list to get beautiful visualizations on financial markets that help advisors and their clients.

Global housing prices rose an average of 6% annually, between Q4 2021 and Q4 2022.

In real terms that take inflation into account, prices actually fell 2% for the first decline in 12 years. Despite a surge in interest rates and mortgage costs, housing markets were noticeably stable. Real prices remain 7% above pre-pandemic levels.

In this graphic, we show the change in residential property prices with data from the Bank for International Settlements (BIS).

The Growth in House Prices, Ranked

The following dataset from the BIS covers nominal and real house price growth across 58 countries and regions as of the fourth quarter of 2022:

Price Growth
Rank
Country /
Region
Nominal Year-over-Year
Change (%)
Real Year-over-Year
Change (%)
1๐Ÿ‡น๐Ÿ‡ท Tรผrkiye167.951.0
2๐Ÿ‡ท๐Ÿ‡ธ Serbia23.17.0
3๐Ÿ‡ท๐Ÿ‡บ Russia23.19.7
4๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia20.61.0
5๐Ÿ‡ฎ๐Ÿ‡ธ Iceland20.39.9
6๐Ÿ‡ญ๐Ÿ‡ท Croatia17.33.6
7๐Ÿ‡ช๐Ÿ‡ช Estonia16.9-3.0
8๐Ÿ‡ฎ๐Ÿ‡ฑ Israel16.811.0
9๐Ÿ‡ญ๐Ÿ‡บ Hungary16.5-5.1
10๐Ÿ‡ฑ๐Ÿ‡น Lithuania16.0-5.5
11๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia15.44.2
12๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria13.4-3.2
13๐Ÿ‡ฌ๐Ÿ‡ท Greece12.23.7
14๐Ÿ‡ต๐Ÿ‡น Portugal11.31.3
15๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom10.0-0.7
16๐Ÿ‡ธ๐Ÿ‡ฐ Slovak Republic9.7-4.8
17
๐Ÿ‡ฆ๐Ÿ‡ช United Arab Emirates
9.62.9
18๐Ÿ‡ต๐Ÿ‡ฑ Poland9.3-6.9
19๐Ÿ‡ฑ๐Ÿ‡ป Latvia9.1-10.2
20๐Ÿ‡ธ๐Ÿ‡ฌ Singapore8.61.9
21๐Ÿ‡ฎ๐Ÿ‡ช Ireland8.6-0.2
22๐Ÿ‡จ๐Ÿ‡ฑ Chile8.2-3.0
23๐Ÿ‡ฏ๐Ÿ‡ต Japan7.93.9
24๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico7.9-0.1
25๐Ÿ‡ต๐Ÿ‡ญ Philippines7.7-0.2
26๐Ÿ‡บ๐Ÿ‡ธ United States7.10.0
27๐Ÿ‡จ๐Ÿ‡ฟ Czechia6.9-7.6
28๐Ÿ‡ท๐Ÿ‡ด Romania6.7-7.5
29๐Ÿ‡ฒ๐Ÿ‡น Malta6.3-0.7
30๐Ÿ‡จ๐Ÿ‡พ Cyprus6.3-2.9
31๐Ÿ‡จ๐Ÿ‡ด Colombia6.3-5.6
32๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg5.6-0.5
33๐Ÿ‡ช๐Ÿ‡ธ Spain5.5-1.1
34๐Ÿ‡จ๐Ÿ‡ญ Switzerland5.42.4
35๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands5.4-5.3
36๐Ÿ‡ฆ๐Ÿ‡น Austria5.2-4.8
37๐Ÿ‡ซ๐Ÿ‡ท France4.8-1.2
38๐Ÿ‡ง๐Ÿ‡ช Belgium4.7-5.7
39๐Ÿ‡น๐Ÿ‡ญ Thailand4.7-1.1
40๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa3.1-4.0
41๐Ÿ‡ฎ๐Ÿ‡ณ India2.8-3.1
42๐Ÿ‡ฎ๐Ÿ‡น Italy2.8-8.0
43๐Ÿ‡ณ๐Ÿ‡ด Norway2.6-3.8
44๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia2.0-3.4
45๐Ÿ‡ต๐Ÿ‡ช Peru1.5-6.3
46๐Ÿ‡ฒ๐Ÿ‡พ Malaysia1.2-2.6
47๐Ÿ‡ฐ๐Ÿ‡ท South Korea-0.1-5.0
48๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco-0.1-7.7
49๐Ÿ‡ง๐Ÿ‡ท Brazil-0.1-5.8
50๐Ÿ‡ซ๐Ÿ‡ฎ Finland-2.3-10.2
51๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark-2.4-10.6
52๐Ÿ‡ฆ๐Ÿ‡บ Australia-3.2-10.2
53๐Ÿ‡ฉ๐Ÿ‡ช Germany-3.6-12.1
54๐Ÿ‡ธ๐Ÿ‡ช Sweden-3.7-13.7
55๐Ÿ‡จ๐Ÿ‡ณ China-3.7-5.4
56๐Ÿ‡จ๐Ÿ‡ฆ Canada-3.8-9.8
57๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand-10.4-16.5
58๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong SAR-13.5-15.1

Tรผrkiyeโ€™s property prices jumped the highest globally, at nearly 168% amid soaring inflation.

Real estate demand has increased alongside declining interest rates. The government drastically cut interest rates from 19% in late 2021 to 8.5% to support a weakening economy.

Many European countries saw some of the highest price growth in nominal terms. A strong labor market and low interest rates pushed up prices, even as mortgage rates broadly doubled across the continent. For real price growth, most countries were in negative territoryโ€”notably Sweden, Germany, and Denmark.

Nominal U.S. housing prices grew just over 7%, while real price growth halted to 0%. Prices have remained elevated given the stubbornly low supply of inventory. In fact, residential prices remain 45% above pre-pandemic levels.

How Do Interest Rates Impact Property Markets?

Global house prices boomed during the pandemic as central banks cut interest rates to prop up economies.

Now, rates have returned to levels last seen before the Global Financial Crisis. On average, rates have increased four percentage points in many major economies. Roughly three-quarters of the countries in the BIS dataset witnessed negative year-over-year real house price growth as of the fourth quarter of 2022.

Interest rates have a large impact on property prices. Cross-country evidence shows that for every one percentage point increase in real interest rates, the growth rate of housing prices tends to fall by about two percentage points.

When Will Housing Prices Fall?

The rise in U.S. interest rates has been counteracted by homeowners being reluctant to sell so they can keep their low mortgage rates. As a result, it is keeping inventory low and prices high. Homeowners canโ€™t sell and keep their low mortgage rates unless they meet strict conditions on a new property.

Additionally, several other factors impact price dynamics. Construction costs, income growth, labor shortages, and population growth all play a role.

With a strong labor market continuing through 2023, stable incomes may help stave off prices from falling. On the other hand, buyers with floating-rate mortgages face steeper costs and may be unable to afford new rates. This could increase housing supply in the market, potentially leading to lower prices.

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