China Economy Set to Overtake US | FT World

FT economics editor Chris Giles shows how new statistics from the International Comparison Programme put China's GDP ahead of the US this year on current projections. He says this relies on a recalculation of the overall cost of living in China.

[waterhlw]

Money for Infrastructure, or money for war. Every country have to choose it with consideration benefit and risk for the future. 

[eip]

The bottom line is China has more than four times the population of the US. So it is of course inevitable that China will overtake the US on all aggregate metrics. It won't just end with China. India will eventually pass the US as well. People should get used to saying the US is the world number three. China and India are going to be #1 and #2 in either order. This was the way things have always been until about 200 years ago when Asia (for various reasons) lost its way, and the West surged ahead due to the Industrial Revolution. But Asia is back. When all things are equal, GDP and national power will be, more or less, proportional to population.

[henryw]

For sure, major portion of Chinese ppl are still not in the category of rich. However, it just takes 30 years to take majority ppl out from serious poverty to today's position, which in total is overtaking U.S. It is not hard to see, in next few decades, after middle classes become major portion of population in

[zhenweifang]

Most countries don't accept PPP method, it cannot be the major index to tell the condition of the economy of a country. However, there's no doubt that China will take over the largest economy in 5 years.

[linhai]

I moved to NYC twenty years ago because I thought America was the economic superpower. Now all my friends back in China has three or four houses, a nanny for the kids, a driver, a German car. They definitely live a better life than I and many of us do in the US.

[prnewbie]

China is still a developing country with their own domestic issues, just like any other country. Instead of behaving adversarial it would be prudent to focus on solving your own countries’ problems. The political and rentier class are the biggest problem all over the world, and stand in the way of a better life for us proles.

[hgng]

Can not be denied USA is the biggist, we should learn and cooperate to America! Only cooperation can make world peace!

[edwardtang]

Money are with the top 1%. Take away half of US GDP and then divide it by around 300
million, you'll see another picture. Western media are trying very hard to calculate it differently so that it won't feel like it is losing.

But the fact you're trying already proves you are losing. I bet those figures never include Taiwan, Hong Kong nor Macau, too. That is more than a trillion dollar not counted.

[curtiscarpenter]

This is 6 years old. What can we learn from now.

[周刚-oc]

Actually, we do not care about who is No.1, we just want to work hard and have a better living condition. If we take into account the population, there is no doubt that the USA does better than what we do now. 

[WadcaWymiaru]

China is OLD country with BIG resources and large population. New country like USA isn't old enough.

[erwanwaluyo]

Let's consider to strengthen us by taking into account of China's economy growth

[Just_a_pickleNothing_her-xvvw]

This video is 9 years old now, we’re still waiting

[lorrainezhao]

The haircut service can be much cheaper in China than in NY, but in terms of the average wage people get, this doesn't make sense. In fact, higher quality services in China are ridiculously expensive nowadays and you will know that if you stepp into any fancy shopping mall in China.

[stun]

It’s 2018 and the gdp of China is 12 trillion and the growth is slowing while America’s is at 20 trillion and America is still growing

[stephenqiu]

That's true, it's just about the time

[ac]

Still a long way to go to catch up the US, but our improvement is really impressive. Everyone should still keep working hard in their own position, each individual's small power unites a giant power. I have a big confidence that we will keep getting better each year.

[Bobxchen]

Purchasing power parity is only used to calculate standard of living for a country. It is only meaningful on a per capita basis. When we calculate GDP for a whole country we should use exchange rate. Right now using exchange rate, china is only slightly bigger than half of US. 9T vs 16T

[adnanfaisal]

just wait and watch china is not going to stop

[mohmeegaik]

It is better to get more for your money than be in higher income country but get less for your money. Watching this video in 2021 makes this statistics even more relevant seeing the mess TRUMP has left USA economy - homelessness, unemployment, underemployment, food insecurity among US citizens. I look forward to see a better USA under President Biden, hoping he wil be realistic in his policies with China.