CHINA HAS THE WORLD’S LARGEST ECONOMY: GET OVER IT
December 30, 2020 – 10:05 am
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The rise and rise of China. By Dean Baker.
It is more than a bit annoying to hear reporters endlessly refer to China as the world’s second largest economy. It isn’t. It’s the world’s largest economy and has been since 2017. Here are the data from the International Monetary Fund.
Click on the graphic for a better view.
As the chart shows, China’s economy first passed the US in 2017. It is projected to be more than 16 percent larger this year, and by 2025 is projected to be almost 40 percent larger.
Purchasing power parity (PPP) measures of GDP are based on applying a common set of prices for all goods and services produced across countries.
China does have four times the population of the United States, so it is still much poorer on a per capita basis.
While it is difficult to measure accurately, most economists view PPP as being the better way to calculate GDP, since it reflects living standards and does not fluctuate with currency values. China does have four times the population of the United States, so it is still much poorer on a per capita basis.
The fact that China has a larger GDP than the United States is important for policy debates since many people seem to hold illusions about the ability of the US to influence China. While United States can take steps that will damage China’s economy, even the harshest measures will only have limited impact, and China will be able to take steps to overcome them through time. This is important background for debates on China policy.
Note: Dean Baker is the senior economist at the Center for Economic and Policy Research in Washington, DC. The above article first appeared on Dean Baker’s “Beat the Press” blog.
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4 Responses to “CHINA HAS THE WORLD’S LARGEST ECONOMY: GET OVER IT”
So what the hell are you trying to say? So be it. But what does this kind of talk about China being the world’s biggest and the strongest (according to your argument) do? Are you also implying that China can bully the other countries if they don’t accept or embrace their political “correctness”? For the Chinese government, it has always been mutual benefits on their lips but in real Chinese terms, it means twice the benefit for the Communists and none for their partners. Being Hong Kong Chinese, I am ashamed that there is such a fucking hopeless and hypocritical communist regime that always tries to intimidate the world and, by the way, has led to the demise of Hong Kong. Go to hell you bloody communists!
By Bert Jansch on Dec 30, 2020
They’re getting close. Ask the Muslim Uighur community about it. I’m sure they have strong opinions. Tell the CCP to stop stealing the worlds intellectual property and subsidizing chinese business to under cut competition. China’s a rogue country. Never should of been let into the WTO. Have to say cudos to the chinese for controlling the wuhan virus. They did a great job according to w.h.o. Tedros Adhanom. But no wait china financed adhanom to become the head of the who.
By ed manly on Dec 30, 2020
I wanted to add this great some bigozine2 should publish:
https://www.youtube.com/watch?v=TMBeTgSMrs4&feature=share&fbclid=IwAR1lgEAeDWEILu0zuWMKf1cae6HXz6gTg40a8rGR8fzItS9kO7aSsXfa3ws
https://www.youtube.com/watch?v=a51b2OpxBSo&feature=share&fbclid=IwAR28xI4GScd2nfn5m8LHtUvwr23rV7PbMXQ-pNAEaUK9X3eICbtddYtrAHA
By ed manly on Jan 1, 2021
TRUMP 2020!
By otis t on Jan 1, 2021