Tuesday, February 23, 2010

China, Macao Cost of Living January 2010

LOCATION: China is in Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam.

CAPITAL CITY: Beijing

LARGEST CITY: Shanghai

CURRENCY: Macau Pataca (MOP)

ECONOMY: China's economy is a market-oriented economy that has a rapidly growing private sector and is a major player in the global economy. Since 1978, the economy has been restructured resulting in efficiency gains which have contributed to a more than tenfold increase in GDP. By the end of 2005 China had benefited from a huge expansion in computer Internet use, with more than 100 million users. In 2006 China was the second-largest economy in the world after the US. China's remarkable expansion in world trade is also due to foreign investment and has been an important factor in the growth of urban jobs. A long-term threat to growth is the deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table. Beijing is recognized as the political, educational, and cultural centre of China, while Shanghai and Hong Kong predominate in economic fields. Beijing is increasingly becoming known for its innovative entrepreneurs and high-growth start-ups. Macau has developed industries such as textiles, electronics and toys, as well as a notable tourist industry, which boasts a wide range of hotels, resorts, stadiums, restaurants and casinos. With a good foundation and infrastructure, Macau provides good financial and banking services, staff training, transport and communications support.
Macao has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Macao is currently ranked 252 overall, most expensive place in the world for expatriates to live, out of 276 international locations. The cost of living overview for each of the 13 Basket Groups is as follows:

Alcohol & Tobacco costs for alcoholic beverages such as alcohol at bar, beer, locally produced spirit, whiskey, and wine as well as tobacco products such as cigarettes is relatively less expensive compared to other cities with a rank of 266 out of 276.

Clothing costs for clothing and footwear products such as business suits, casual clothing, childrens clothing and footwear, coats and hats, evening wear, shoe repairs, and underwear is relatively less expensive compared to other cities with a rank of 200 out of 276.

Communication costs for various communication costs such as home telephone rental and call charges, internet connection and service provider fees, mobile / cellular phone contract and calls is relatively less expensive compared to other cities with a rank of 261 out of 276.

Education costs such as creche / pre-school fees, high school / college fees, primary school fees, and tertiary study fees is relatively less expensive compared to other cities with a rank of 275 out of 276.

Furniture & Appliance costs for furniture, household equipment and household appliances such as dvd player, fridge freezer, iron, kettle, toaster, microwave, light bulbs, television, vacuum cleaner, and washing machine is relatively less expensive compared to other cities with a rank of 265 out of 276.

Grocery costs for food, non-alcoholic beverages and cleaning material items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs is equally expensive on average compared to other cities with a rank of 175 out of 276.

Healthcare costs for general healthcare, medical and medical insurance such as general practitioner consultation rates, hospital private ward daily rate, non-prescription medicine, and private medical insurance / medical aid contributions is relatively less expensive compared to other cities with a rank of 186 out of 276.

Household costs for housing, water, electricity, household gas, household fuels, local rates and residential taxes such as house / flat mortgage, house / flat rental, household electricity consumption, household gas / fuel consumption, household water consumption, and local property rates / taxes / levies is relatively less expensive compared to other cities with a rank of 264 out of 276.

Miscellaneous costs related to stationary, linen and general goods and services such as domestic help, dry cleaning, linen, office supplies, newspapers and magazines, and postage stamps is relatively more expensive compared to other cities with a rank of 35 out of 276.

Personal Care costs for personal care products and services such as cosmetics, hair care, moisturizer / sun block, nappies, pain relief tablets, toilet paper, toothpaste, and soap / shampoo / conditioner is relatively more expensive compared to other cities with a rank of 72 out of 276.

Recreation and Culture costs such as books, camera film, cinema ticket, DVD and CDs, sports goods, and theatre tickets is relatively less expensive compared to other cities with a rank of 270 out of 276.

Restaurants, Meals Out and Hotel costs such as business dinner, dinner at a restaurant (non fast food), hotel rates, take away drinks and snacks (fast food) is equally expensive on average compared to other cities with a rank of 154 out of 276.

Transport costs for public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance such as hire purchase / lease of vehicle, petrol / diesel, public transport service maintenance, tires, vehicle Insurance, and vehicle purchase is relatively less expensive compared to other cities with a rank of 194 out of 276.

Your exact customized cost of living index for Macao is based on which of the above basket groups as well as the comparison location you select in the Calculators.

In terms of the hardship people are likely to experience, assessed in global terms, Macao is ranked as a some hardship location with a hardship index of 20%.

Your exact customized hardship index premium for Macao is based on the comparison location that you select in the Calculators.