Based on the list published by Michael Snyder we publish the 26 other ways in which Chinas has surpassed the US:
In terms of purchasing power, China now has the largest economy on the entire planet, but that is not the only area where China has surpassed the United States. China also accounts for more total global trade than the U.S. does, China consumes more energy than the U.S. does, and China now manufactures more goods than the U.S. does.
In terms of raw GDP, the U.S. is still number one, at least for now. But according to the IMF, China is now the number one economy on the entire planet in terms of purchasing power…
The simple logic is that prices aren’t the same in each country: A shirt will cost you less in Shanghai than San Francisco, so it’s not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have. The Economist’s Big Mac Index is a great example of these disparities.
So the IMF measures both GDP in market exchange terms, and in terms of purchasing power. On the purchasing power basis, China is overtaking the US right about now and becoming the world’s biggest economy.
The following are 26 other ways that China has surpassed America…
#1 When you add up all imports and exports, China now accounts for more total global trade than the United States does.
#2 There is now more total corporate debt in China than there is in the United States.
#3 During 2013, the US sold about 121 billion dollars worth of stuff to the Chinese, but they sold about 440 billion dollars worth of stuff to the US. That was the largest trade deficit that one nation has had with another nation in the history of the world.
#4 China is now the leading manufacturer of goods in the entire world.
#5 Back in 1998, the United States had 25 percent of the world’s high-tech export market and China had just 10 percent. Today, China’s high-tech exportsare more than twice the size of U.S. high-tech exports.
#6 The United States had been the leading consumer of energy in the world for about 100 years, but during the summer of 2010 China took over the number one spot.
#7 China now has the largest new car market in the entire world.
#8 China has more foreign currency reserves than anyone else on the planet.
#9 China is the number one gold producer in the world.
#10 China is also the number one gold importer in the world.
#11 15 years ago, China was 14th in the world in published scientific research articles. But now, China is expected to pass the United States and become number one very shortly.
#12 China is also expected to soon become the global leader in patent filings.
#13 China awards more doctoral degrees in engineering each year than the United States does.
#14 China has the world’s fastest train and the world’s most extensive high-speed rail network.
#15 China uses more cement than the rest of the world combined.
#16 Today, China produces nearly twice as much beer as the United States does.
#17 85 percent of all artificial Christmas trees are made in China.
#18 There are more pigs in China than in the next 43 pork producing nationscombined.
#19 China is now the number one producer of wind and solar power on the entire globe.
#20 China produces more than twice as much cotton as the United States does.
#21 China produces more than three times as much coal as the United States does.
#22 China now produces 11 times as much steel as the United States does.
#23 China controls over 90 percent of the total global supply of rare earth elements.
#24 An investigation by the U.S. Senate Committee on Armed Services foundmore than one million counterfeit Chinese parts in the Department of Defense supply chain.
#25 According to author Clyde Prestowitz, China’s number one export to the U.S.is computer equipment. According to an article in U.S. News & World Report, the number one U.S. export to China is “scrap and trash”.
#26 Nobel economist Robert W. Fogel of the University of Chicago is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040 if current trends continue.
Published by: Michael Snyder