Bloomberg: China Economy is now #1 in the world

They are not using GDP to avoid that. Forbes agrees with Bloomberg too.


If you go by GDP, they are #2.

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Gross domestic product is supposed to measure the amount of real stuff -- cars, phones, financial services, back massages, etc. -- that a country produces. If the same phone costs $400 in the U.S. but only $200 in China, China’s GDP is getting undercounted by 50 percent when we measure at market exchange rates. In general, less developed countries have lower prices, which means their GDP gets systematically undercounted.

Economists try to correct for this with an adjustment called purchasing power parity (PPP), which controls for relative prices. It’s not perfect, since it has to account for things like product quality, which can be hard to measure. But it probably gives a more accurate picture of how much a country really produces. And here, China has already surpassed the U.S.

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setting up a base in Djibouti on the Horn of Africa.

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Very interesting to see how that plays out.

and Trump pulled us out of TPP which would have ensured our leadership of that regional agreement.

now China has filled the void created by our dumbass in chief.

this gap will only increase under Trump cuz like I said he is a dumbass and has done nothing but weaken this country's world leadership position since day one.

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They are not using GDP to avoid that.

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Well the author says it's a "better" way, but it just seems like by accounting for a flaw it just created a different one. Therefore, it's not better, it's just a different way to look at it.

For example, according to this metric, France's economy is only 25% larger than Mexico's and Mexico is on pace to pass it in about 13 years. Using Real GDP though, France is about 136% larger and Mexico is on pace to pass it in over 31 years.

So do you really think it's a better metric if it shows Mexico's economy is nearly the size of France's and close to passing it?

Besides, the World Bank also publishes the same metric but by per capita, and France is 139% higher than Mexico and the United States is 271% higher than China. I think this is a better comparison.

So his metric disproportionately benefits nations who have a large population so their GDP relatively high as a result but their per capita GDP is low. On the other hand, using the metric but by GDP still benefits smaller highly developed nations, but it provides a better comparison than GDP per capita as the US would be 610% higher rather than the 271%.

I think they all provide useful insight, but I take issue with him arguing it's better.

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and Trump pulled us out of TPP which would have ensured our leadership of that regional agreement.

now China has filled the void created by our dumbass in chief.

this gap will only increase under Trump cuz like I said he is a dumbass and has done nothing but weaken this country's world leadership position since day one.

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I don’t come to the Poli Board all that often, primarily because of people like you.

I understand being vehemently against someone or something, which is fine, but you take it a step further. Not one of your posts I have seen is rational; instead, you attack an individual or name call, just because you disagree with them. Your simple-mindedness is astounding.

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I, for one, find it shocking that a nation with 4 times as many people as America has a larger economy.

Such a misleading stat. GDP/capita in China is still grindingly poor.

Outside of the cities, china is africa with smaller dick and smaller people.

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Hail, bringing the level-headed, perspective-adding post!

1. Use S Korea and Japan. USA to sell those countries more weapons to help the balance of power.

2. Protect American manufacturing, we have to have some manufacturing aside from China as a national security interest.

3. Focus on improving the American workforce, instead of importing the workers or exporting the jobs.

We do that, and we maintain influence.

Someone post Chinas Nominal vs Real GDP, and GDP per capita.

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The globalist scum wanted this.

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I wonder how China went from a near 3rd world shite hole in the the 1970's-80's and somehow modernized their industrial/manufacturing base? They had to have help from some other shortsighted industrialized superpower to pull that feat off. One would think that a country with the accumulated wisdom from a hard fought revolution for religious and economic freedom, being somewhat victorious in 2 world wars and overcoming the struggles of a "Great Depression" would surely know better than to cut its own economic nuts off...., right? I guess not.

Sounds like the old woman and the snake story that Trump likes to tell.