International Market Development

International market development | Comprehensive analysis of America's economy and market conditions

Views : 120
Author : Bozhou Marine
Update time : 2020-12-22 11:15:41
In this article, we begin to introduce the basic situation of the US market. Including: geographic location, major cities, population status, ethnicity, major festivals, natural resources, major industries, infrastructure construction, GDP, foreign exchange reserves, employment status, corporate income tax, personal tax rate, etc.



  Introduction

The United States of America (English: United States of America, United States), referred to as "United States", is a federal republic composed of Washington, DC, 50 states, Guam and many other overseas territories. The United States is a highly developed capitalist country. In the two world wars, the United States and other allies won. After the Second World War, the United States had comprehensive advantages in global politics, military affairs, economics, and highly developed science and technology. After decades of Cold War, after the collapse of the Soviet Union, the United States became the only superpower. It was in economic, cultural, industrial and other fields. Leading position in the world.

  Capital

The capital of the United States is Washington, the full name of Washington DC (Washington D. C.), located in the northeast of the United States, the capital was established in 1790, with a population of about 700,000.

  Main City

Except for the special zone where the capital is located, the United States is divided into 50 states and 3144 counties.

1. New York 
New York is the largest city in the United States and the largest port. Also known as "Apple City" or "Sleepless City". New York is the world's largest economic center. It is also the largest financial, trade and cultural center of the United States. Located at the mouth of the Hudson River on the northeastern coast of the United States. New York’s GDP has surpassed Tokyo, Japan, ranking first in the world. The population of New York is 8.49 million. New York also has a huge influence in business and finance. It directly affects the global finance, media, politics, entertainment and fashion industries. At the same time New York is also the location of the United Nations headquarters.
Main attractions: Statue of Liberty, Metropolitan Museum



2. Los Angeles 
Los Angeles is the second largest city in the United States. It is also the largest city in the western United States. Located in southwestern California in the United States. Los Angeles is also known as the "City of Angels". The famous "Hollywood" is located in Los Angeles. The population of Los Angeles is approximately 3.97 million. Los Angeles also has famous schools such as "California Institute of Technology" and "UCLA."
ain attractions: Hollywood, Universal Studios

3.Chicago
Chicago is the third largest city in the United States. And the largest manufacturing center in the United States. Located on the southwestern shore of Lake Michigan. Chicago is also known as the "Wind City". The population is about 2.72 million. Chicago is the most important aviation center and the largest railway hub in the United States.
Main attractions: Sears Tower, Lincoln Park.


 

4. Houston 
Houston is the fourth largest city in the United States. The largest city in the south. Houston is located on the coast of the Gulf of Mexico. Houston is also known as "Space City". Because it is the location of Johnson Aviation Center. Houston has a population of 2.2 million people. The Greater Houston Metropolitan Area is the fifth largest metropolitan area in the United States.
Main attractions: Houston Space Center, Toyota Center Arena

5. Philadelphia 
Philadelphia is the fifth largest city in the United States. Located at the mouth of the Delaware River in Pennsylvania in the northeastern United States. Philadelphia is a historic city in the United States. It was the capital of the United States before Washington was established. Therefore, it has a very important position in American history. Philadelphia is also known as the "City of Love". The Philadelphia metropolitan area is the fourth largest metropolitan area in the United States. Philadelphia has a population of 1.55 million. Philadelphia has the University of Pennsylvania and Drexel University.
Main attractions: Philadelphia Museum of Art, Matt Medical Museum

6. Detroit
Detroit is also known as "Motor City". Detroit is a large city in the northern United States. Located in southeastern Michigan. Detroit has a population of 680,000 people. In 2013, the Detroit City Government declared bankruptcy. It has also become the largest bankruptcy city in American history.
Main attractions: Detroit River, Bella Island

7. San Francisco
San Francisco is also known as "San Francisco". Located on the Pacific coast of California, USA. It is a world-famous tourist attraction. San Francisco is the midpoint of the west coast of the United States. San Francisco has a population of 850,000, including 180,000 Chinese. It is one of the most densely populated areas of the Chinese in the Western Hemisphere. The total number of Chinese is second only to New York.
Main attractions: Golden Gate Bridge, San Francisco Chinatown.

8. Boston 
Boston is the capital and largest city of Massachusetts, USA. It is also the largest city in the New England region of the northeastern United States. Boston has a population of 640,000. Boston is also known as "Peas City". Boston is the most educated city in the United States. The main reason for this is due to its developed higher education.
Main attractions: Bunker Hill, Faneuil Hall

9. Pittsburgh
Pittsburgh is the steel capital of the United States. It is also the steel center of the United States. Pittsburgh is located in southwestern Pennsylvania, USA. Pittsburgh has a population of 330,000. Pittsburgh is one of the safest cities in the United States, and has been repeatedly rated as the most liveable city in the United States. Pittsburgh's steel production accounts for half of the US steel production.
Main attractions: University of Pittsburgh, Andy Warhol Museum

10. Atlanta 
Atlanta is the largest city in the southeastern United States. The capital of Georgia. Atlanta has a population of over 500,000. Among them, blacks accounted for 52%. It is a historic city. The Atlanta aviation industry is developing rapidly. Lockheed Aircraft Corporation is headquartered in the city. The 26th World Olympic Games in 1996 was held in Atlanta.
Main attractions: Atlanta Botanical Garden, World of Coca-Cola.


  Jet Lag

Beijing time = US time + time difference (because Beijing time is earlier than US time)

Standard time difference between China and the United States, that is, the time difference between American Standard Time and Beijing Time:
1. Eastern Time: -13
2. Central time: -14
3. Mountain time: -15
4. Pacific Time: -16
5. Alaska-Hawaii time: -17, -18

The time difference between China-US summer time, that is, the time difference between US summer time and Beijing time: (daylight saving time is one hour earlier than standard time)
1. Eastern Time: -12
2. Central time: -13
3. Mountain time: -14
4. Pacific Time: -15
5. Alaska-Hawaii Time: -16, -17


  Total population and composition

 About 330 million (as of December 2019). Approximately 62.1% of non-Hispanic whites; approximately 16.9% of Latinos, approximately 13.4% of Africans, approximately 5.9% of Asians, approximately 2.7% of mixed races, approximately 1.3% of Indians and Alaskan Natives, and Native Hawaiians Or other Pacific Islanders account for about 0.2% (a small number of people are repeated in other ethnic groups).

  Language

The common language is English

  Main Holiday

U.S. Federal Holiday
Holiday Chinese name English name Date
New Year's Day January 1st
Birthday of Martin Luther King Third Monday in January
Washington's Birthday Third Monday in February
Memorial Day Last Monday in May
Independence Day July 4, 1776
Labor Day First Monday in September
Columbus Day Second Monday in October
Veterans Day November 11, 1918
Thanksgiving Day Fourth Thursday in November
Christmas Day December 25th


  Natural Resources

The United States is rich in natural resources, and the total proven reserves of mineral resources rank first in the world. Coal, petroleum, natural gas, iron ore, potash, phosphate, sulfur and other mineral reserves are among the top in the world. Other minerals include copper, lead, molybdenum, uranium, bauxite, gold, mercury, nickel, potassium carbonate, silver, tungsten, zinc, aluminum, and bismuth. Strategic mineral resources such as titanium, manganese, cobalt, and chromium are mainly imported. The forest area is about 4.4 billion mu, with a coverage rate of 33%.

  Main Industry

1. Culture and Entertainment Industry
Among the 500 most profitable companies in the United States, 72 are companies in the cultural and entertainment industry! In 2017, the output value of the American culture and entertainment industry was 601.6 billion US dollars, accounting for 31% of GDP and 43% of the world's cultural and entertainment industry output. The global movie box office in 2017 was 40.6 billion U.S. dollars, and Hollywood film companies accounted for more than 80%. However, the largest revenue in the US film and television production industry is not from the source and movie box office but cable TV. In 2017, the output value of US cable companies in the United States was as high as 1080 billion US dollars. The United States has not formed an absolute monopoly in the sports industry, but its sports industry output value was still as high as 600.2 billion US dollars in 2017, accounting for 3.1% of GDP; in the cultural tourism sector, Disney alone had revenue of 55.137 billion US dollars in 2017 ( Including movies, but accounting for less than 20%).

2. Construction and real estate
In 2017, the output value of the US construction and real estate industry was US$321.25 billion, accounting for about 16.60% of GDP; during the same period, the output value of China's construction and real estate industry was US$1622.4 billion, accounting for about 13.24% of GDP;

3. Financial industry
The output value of the US financial industry in 2017 was US$1,544.0 billion , Accounting for about 7.51% of the total GDP; China’s financial industry output value was 973.8 billion US dollars, accounting for about 7.95% of GDP;

4. Chemical and petroleum industry
In 2017, the US chemical and petroleum industry output value was 135.6 billion US dollars, accounting for 7% of GDP;

5. Information And the software service industry
In 2017, the output value of the US information and software service industry was US$931.9 billion, accounting for approximately 4.81% of GDP;

6. Aerospace industry
The output value of the US aerospace industry in 2017 was US$865 billion (about 100 billion military aircraft), accounting for 4.47% of GDP %.

7. Electronics and professional equipment manufacturing
In 2017, the output value of the US electronics and professional equipment manufacturing industry was 810.6 billion US dollars, accounting for 4.19% of GDP.

8. Automobile manufacturing industry
In 2017, the output value of the US automobile manufacturing industry was 701.3 billion US dollars, accounting for 3.62% of GDP.

9. Biomedicine
The output value of US biomedical companies in 2017 was about 463.4 billion U.S. dollars, accounting for 2.4% of GDP. The United States has Pfizer, Merck, Johnson & Johnson, Roche, and Novartis all global pharmaceutical giants, and they control 50% of the global market share of new drugs. 49.4% of the global pharmaceutical trade share.

10. Arms
In 2017, US corporate arms sales were 226 billion U.S. dollars (the overall output value is not less than 600 billion U.S. dollars, such as military-civilian fusion products), accounting for 1.17% of GDP, accounting for 57% of global arms sales; of which arms exports were 65.62 billion U.S. dollars, accounting for 34% of the world arms trade. It is worth noting that the US arms companies account for 42 of the top 100 arms dealers in the world. Lockheed Martin ranked first with 44.9 billion U.S. dollars in sales in 2017, and Boeing ranked second with 26.9 billion U.S. dollars. , Raytheon ranked third with 23.9 billion US dollars.

11. Agriculture (agriculture, forestry, animal husbandry and fishery)
Agriculture does not contribute a high proportion to the US economy, even inferior to the industries of food, metal smelting, mining, printing and papermaking, but agriculture is indeed one of the core strategic industries of the United States. In 2017, the U.S. agricultural output value was 173.4 billion U.S. dollars, accounting for about 0.90% of GDP; although the U.S. agricultural output value was only 173.4 billion U.S. dollars, U.S. agricultural exports reached 140.5 billion U.S. dollars and imports were 119.2 billion U.S. dollars.


  Infrastructure

The United States has a complete and convenient transportation network, with various means and means of transportation. Compared with other Western countries, the development of the automobile industry in the United States is quite early, and the development of many cities in the United States has considered in advance the design of matching cities and residential areas with road networks. In order to connect the country, the United States has designed and built high-traffic and high-speed highways. The national transportation system of the United States mainly relies on these highway networks. The most important of these is the construction of the interstate highway system.


Subway

New York City’s subway network is one of the most heavily loaded MRT networks in the world. The regional rail and bus network extends to Long Island, New York, New Jersey, and Connecticut, making it one of the world's largest transportation networks for passengers. But generally speaking, public transportation in American cities is relatively weak compared to other developed countries, and people use private cars more for travel.

Railway

The United States built a transcontinental railroad network to carry goods between 48 states. The rail network built by Amtrak also traverses 46 of the 48 states and is dedicated to passenger transportation. The US rail freight system is the busiest and most advanced in the world, and the total length of US railroads ranks first in the world. According to 2007 data, the total length of railroads in the United States is 226,427 kilometers. However, the passenger transportation of American railroads is not as developed as that of Western Europe and Japan, partly because of the vastness of the United States; to reach large cities thousands of miles away, it will save time by plane rather than train. The analysis of the US government believes that air passenger transportation was the main cause of the successive closures of passenger railway companies in the 1970s.

Highway

The highway and highway system in the United States covers the whole country. As of 2014, the total length of highways in the country exceeded 6.51 million kilometers. About 140 million vehicles use the highway system. Highways are built by local, state, and federal governments. Since 1811, the federal government has assumed responsibility for the construction of its roads for the first time. On July 6, 2012, President Obama signed the "Advance in the 21st Century" transportation bill to allocate 105 billion US dollars for land transportation construction in the 2013 and 2014 fiscal years.


Air Transport

In 2004, 17 of the top 30 busiest airports in the world were located in the United States, including the number one Hartsfield-Jackson Atlanta International Airport (Hartsfield-Jackson Atlanta International Airport). In terms of cargo volume, in the same year, 12 of the top 30 busiest cargo airports in the world were in the United States, including the number one Memphis International Airport (MEM).

Water Transport

Many of the world’s major ports are also located in the United States; the busiest are the Port of Los Angeles and Long Beach in California, and the Port of New York, all of which are the busiest ports in the world. The Great Lakes (Lake Superior, Lake Michigan, Lake Erie, Lake Huron, Lake Ontario) also have a lot of ship transportation. Each of the big lakes is extensively connected to the Mississippi river network, and the lowest reaches of the river leads directly to the Atlantic Ocean. The Erie Canal, the first to connect the Great Lakes with the Atlantic Ocean, facilitated the rapid agricultural and industrial development of the Midwestern United States and made New York City the economic center of the United States.


  2019 U.S. GDP

According to data from the World Economic Information Network, in 2019, the total GDP of the United States was about 21.02 trillion U.S. dollars (approximately 146.93 trillion yuan in exchange rate conversion), ranking first in the world, with a per capita GDP of 63,809.64 U.S. dollars (in exchange rate conversion). , About 446,000 yuan), ranked eighth in the world. Although the US is still the world's largest economy, it has to be admitted that the US economy has been in a state of decline, and it may be difficult to achieve breakthroughs and improvements in the short term.

  U.S. GDP in 2020 is expected to decline by 6.1%

Since 2020, due to the arrival of the "black swan" of the new crown epidemic, the economy of many parts of the world has been affected to a greater extent. According to World Bank data, the US GDP will decline by 6.1% this year. If calculated according to this data, in 2020, the US GDP will reach 20.1 trillion US dollars.

  The U.S. has no foreign exchange reserves

According to official investigations, the United States has no foreign exchange reserves. The main reason why the United States has no foreign exchange reserves is that the US dollar is the dominant currency. The euro and pound are reserve currencies. The renminbi is in the ranks of ordinary currencies. The formation of the dominant currency of the U.S. dollar mainly originated from the Bretton Woods Agreement. The U.S. dollar is directly linked to gold and the currencies of various countries are linked to the U.S. dollar, making the U.S. dollar the center of international currency. Even after the Bretton Woods system collapsed, the core position of the dollar remained unchanged, which also led to the absence of foreign exchange reserves in the United States.

Obviously, another important reason why the United States does not need foreign exchange reserves is that as an international reserve currency, it can be directly used for international payments. It does not need to use foreign exchange reserves to adjust international payments, adjust the foreign exchange market, and make international payments.


  Affected by the epidemic, unemployment soars

According to the latest news, the U.S. Department of Labor reported that the unemployment rate in the United States in October fell by one percentage point from 7.9% in September. However, compared with before the pandemic intensified in March, there are still 10.1 million fewer jobs in the United States. At the current rate of recruitment, the jobs lost due to the pandemic will not be restored until February 2022. That would be faster than the Great Depression of 2008-2009, when it took the industry more than five years to recover lost jobs.

  Corporate Income Tax
 

Federal corporate income tax

After the 2017 tax reform, the US federal corporate income tax is now at a uniform proportional tax rate of 21%, which applies to taxable income generated after December 31, 2017.

State corporate income tax

The tax rates for each state in 2020 are:
 

 

  Personal Income Tax

The individual tax in the United States is divided into 7 levels according to income: 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. The classification criteria are as follows:

Single income (years):

0-9275 USD, tax rate 10% 9276-3650 USD, tax rate 15% 37651-91150 USD, tax rate 25% 91151-190150 USD, tax rate 28% 190151-413350 USD, tax rate 33% 413351-415050 USD, tax rate 35% 415050 USD Above, the tax rate is 39.6%

The income (years) of husband and wife can also be reported separately, but the tax rate is different

0-18550 US dollars, the tax rate is 10%
18551-75,300 US dollars, the tax rate is 15%
75301-151900 US dollars, the tax rate is 25%
151901-231450 US dollars, the tax rate 28%
231451 -413350 US dollars, tax rate 33%
413351-466950 US dollars, tax rate 35%
466950 US dollars and above, tax rate 39.6%

Note: There are 7 states in the United States that do not have state income taxes. These 7 states are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. In addition, residents of New Hampshire and Tennessee do not need to pay state salary income taxes, but are required to pay dividends and capital gains taxes.


www.bozhou-int.com
 
Related News
Read More >>
70 Container Ships Are Waiting For Berths 70 Container Ships Are Waiting For Berths
Sep .24.2021
70 container ships are waiting for berths! The queues in Los Angeles and the Port of Long Beach lasted for three weeks, and the congestion deteriorated sharply!
Shipping Costs From China To the United States Have Risen by 500% Shipping Costs From China To the United States Have Risen by 500%
Sep .02.2021
Compared with the same period last year, freight rates between China and the United States have increased by 500%, and the freight rate for 40-foot containers has already exceeded US$10,000.
English Translation of 100 Chinese Delicacies English Translation of 100 Chinese Delicacies
Aug .24.2021
English translation of 100 Chinese delicacies organized by People's Daily.
Over 50,000 Amazon Sellers Are Blocked Over 50,000 Amazon Sellers Are Blocked
Aug .24.2021
More than 50,000 sellers were blocked, and the amount of loss exceeded 100 billion.