, Columnist
China’s Economy May Be No. 1, But It Is Still Poor
When it comes to national wealth, the U.S. has a big lead over China.
A view of two Chinas.
Photographer: Justin Chin/BloombergThis article is for subscribers only.
China is often described as the world’s second largest economy, soon to be the first, albeit with varying forecasts about when. In fact by “purchasing power parity” standards — adjusting for differences in the cost of living — China is already No. 1.
These claims are correct but misleading. China is much poorer, relative to the U. S., than those numbers might indicate.