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China overtakes US as No 1 in buying power, but still clings to developing status

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[unable to retrieve full-text content]China’s statistics agency acknowledged that as early as 2017 the nation’s economy was larger than that of the United States when measured by purchasing power, but it has insisted it remains a “developing country” as per capita output is still only 85 per cent of the average global level.The World Bank released its new purchasing power parities (PPPs) report for 2017 this week, which showed that China’s PPP-based gross domestic product (GDP) stood at US.617 trillion in 2017, while the United…

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[unable to retrieve full-text content]
China’s statistics agency acknowledged that as early as 2017 the nation’s economy was larger than that of the United States when measured by purchasing power, but it has insisted it remains a “developing country” as per capita output is still only 85 per cent of the average global level.The World Bank released its new purchasing power parities (PPPs) report for 2017 this week, which showed that China’s PPP-based gross domestic product (GDP) stood at US$19.617 trillion in 2017, while the United…

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