I'm sorry but I couldn't get past the first paragraph. It's common misconception that people claim China's economy has overtaken US, it's really a clickbait for media outlets last year.
Yes, using a calculation called "purchasing power parity," it looks as if China has passed America. But that calculation is a statistically manufactured one, which supposedly makes up for different costs of living in the two countries. In short, it doesn't measure anything that's real, but a concept that some economists — and certainly not all — believe is important. It's a phony comparison using a made-up number.
So what do the numbers show when you compare real apples to real apples? Real U.S. GDP this year will be about $16.27 trillion, adjusted for inflation, according to data from the U.S. government, World Bank and IMF. China? It will be less than half that, about $8.06 trillion. Not only has China not passed the U.S., but it's quite possible it never will. China's population growth is heading for a dramatic Japan-style collapse, which will slash economic growth dramatically in coming years. Growth has already slowed from 10% a year in the 1990s and 2000s to 7% — and it's likely to fall further from there. That's not all. The real measure of a nation's standard of living, productivity and, ultimately, the size of its economy is GDP per capita. What does that tell us about the difference between the U.S. and China? This year, America will have per person output of $50,979 in real terms, China $5,947. So the average American is nine times more productive than the average Chinese. So don't panic. The U.S. isn't No. 2, except in certain IMF statisticians' minds. Nor will it be soon. This is from a credible research article.
Yes, using a calculation called "purchasing power parity," it looks as if China has passed America. But that calculation is a statistically manufactured one, which supposedly makes up for different costs of living in the two countries. In short, it doesn't measure anything that's real, but a concept that some economists — and certainly not all — believe is important. It's a phony comparison using a made-up number. So what do the numbers show when you compare real apples to real apples? Real U.S. GDP this year will be about $16.27 trillion, adjusted for inflation, according to data from the U.S. government, World Bank and IMF. China? It will be less than half that, about $8.06 trillion. Not only has China not passed the U.S., but it's quite possible it never will. China's population growth is heading for a dramatic Japan-style collapse, which will slash economic growth dramatically in coming years. Growth has already slowed from 10% a year in the 1990s and 2000s to 7% — and it's likely to fall further from there. That's not all. The real measure of a nation's standard of living, productivity and, ultimately, the size of its economy is GDP per capita. What does that tell us about the difference between the U.S. and China? This year, America will have per person output of $50,979 in real terms, China $5,947. So the average American is nine times more productive than the average Chinese. So don't panic. The U.S. isn't No. 2, except in certain IMF statisticians' minds. Nor will it be soon. This is from a credible research article.