China 'to overtake America by 2016'

[Mattrixx]

China will the no.1 no doubt.

 

[shuttler]

That would still make Chinese living standards a quarter of that of an American- China should still see 2/3 decades of future fast economic growth to allow it to catch-up.

But it would still be a historic milestone that for the first time in centuries a non-Western country is once again the richest in the world.

There are a lot of things that gdp doesnt measure. We are not too crazy about it.

But one thing is certain: the world knows more about us and we about the world!

 

[faithfulguy]

China is only able to surpass the US in GDP when measure by PPP in 2016. But to really surpass the US would be in next decade or so. So author was not being precise.

 

[armchairPrivate]

There was a slogan in the 50's, "surpass UK, chase after US." to motivate the Chinese citizens to work hard and be self reliant. That was then.

I am not sure now the Chinese leaders are too busy checking the Forex account balance, the PMI, the gold reserve, every morning after they get up. I don't think whether or not China has the highest GDP is any longer a major concern for them.

I read somewhere in the news, there is about USD1.3 T of goods and services under reported in 2012, because of the still immature taxation/accounting system in China.

So who know what exactly the figures are. Or does it really matter? As long as the people have foods to eat when they are hungry, can keep warm when the weather turns cold.

 

[HongWu]

There was a slogan in the 50's, "surpass UK, chase after US." to motivate the Chinese citizens to work hard and be self reliant. That was then.

I am not sure now the Chinese leaders are too busy checking the Forex account balance, the PMI, the gold reserve, every morning after they get up. I don't think whether or not China has the highest GDP is any longer a major concern for them.

I read somewhere in the news, there is about USD1.3 T of goods and services under reported in 2012, because of the still immature taxation/accounting system in China.

So who know what exactly the figures are. Or does it really matter? As long as the people have foods to eat when they are hungry, can keep warm when the weather turns cold.

China's PPP is underrated because a big downward adjustment was made in 2009 for no apparent reason. PPP over taking USA should be taking place around this year 2013. Of course, this is not as meaningful as nominal GDP. That may need to wait 7-10 more years (around 2020).