Big Ole Asterisk for this by the name of PPP (Purchasing Power Parity)
PPP is very useful to make comparisons about standards of living and affordability of different regions, but it's pretty much useless in measuring a nation's total economic output for global comparison.
While it's useful to say somebody making US$10k a year in China has the same real purchasing power as somebody making US$50k in the US and US$70k in Germany it's totally meaningless when comparing country's economies on a whole against each other.
China is still a very very long way away from overtaking the US or the EU (if you count that as a country which people seem to do) in actual real GDP.
This whole "revaluation" is some of the biggest bunch of click bait trolling I've ever seen. Appeals to the uneducated masses though I presume.
PPP is very useful to make comparisons about standards of living and affordability of different regions, but it's pretty much useless in measuring a nation's total economic output for global comparison.
While it's useful to say somebody making US$10k a year in China has the same real purchasing power as somebody making US$50k in the US and US$70k in Germany it's totally meaningless when comparing country's economies on a whole against each other.
China is still a very very long way away from overtaking the US or the EU (if you count that as a country which people seem to do) in actual real GDP.
This whole "revaluation" is some of the biggest bunch of click bait trolling I've ever seen. Appeals to the uneducated masses though I presume.