It's a shame most of the chinese people are poor, the US and Europe >>> China in that regard. China is ruled under an authoritarian dictatorship but they pratice the wildest of capitalism, chinese deserve freedom.
Still in purchasing power parity. The real deal will be when China becomes the n°1 country in the world in terms of nominal GDP. The US took that spot around 1900 (from, you guessed it, China, which declined after the Opium wars and the collapse of the Qing Dynasty).
Nominal gdp doesn't mean **** though.
Nigeria's GDP was adjusted and it's now almost twice that of South Africa.
But we still know who runs Africa and who's the richest country.
The numbers are based on ‘purchasing power parity’ (PPP) which makes adjustments for the fact that goods are cheaper in countries such as China relative to the US.
Without these adjustments for living costs, the Chinese economy is still smaller than that of the US, at £6.4trillion.
I saw a documentary recently about this - the urbanite middle classes are awash with cash. We may have this stereotypical view of poor Chinese in paddy fields, but that's so outdated.
can you link me to this documentary please? sounds interesting
I'm not that comfortable with china being number 1, the culture is very alien to me. Most of the things I know about China come from Mulan, whereas I am almost American from the exposure I got from it since birth.
If you are trusting Daily Mail for your economic news you deserve to be ignorant
China is growing yes, and who knows... maybe someday it will pass the US.
However, every single legitimate source; the International Monetary Fund, the United Nations, and the World Bank all recognize that the US still has a significant lead.
