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The economy of China officially became the largest in the world
China's economy has become the largest in the world, ahead of the US. This is the official assessment of the International Monetary Fund. China has bypassed the United States in terms of GDP, converted into dollars at purchasing power parity. However, the Celestial Empire still lags behind the United States in terms of GDP at market exchange rates, and in terms of per capita GDP, China will not be able to claim world leadership soon
The Chinese economy first surpassed the US economy in terms of GDP at purchasing power parity (PPP), follows from the updated IMF macroeconomic forecast base for October 12, 7. In 2014, China's GDP in PPP be $ 17,6 trillion, and the US GDP for the first time will be less - $ 17,4 trillion.
PPP recalculation is a recognized, albeit not ideal, method for comparing economies internationally. It is based on the idea of a “fair” exchange rate, in which the same set of goods will cost the same in all countries. PPP GDP is calculated based on the International Comparison Program (ICP) under the auspices of the UN Statistical Commission and the World Bank.
At the end of April 2014 year ICP опубликовала new data on PPP for 2011 year, from which it followed that China is about to overtake the US in terms of the size of the economy. Now the IMF officially recorded this achievement. Back in 2005, China's economy was less than half of the US (in terms of purchasing power parity), but in 2011 reached 87% of the US economy, and China's share in global GDP reached 14,9%. The share of the United States in the global economy (by PPP) has decreased to 17,1%, the ICP report said.
According to the latest IMF data, China has increased its share in world output to 16,48% - against 16,28% in the US economy. This trend is irreversible: according to the IMF forecasts, next year the gap in PPP will be more than $ 900 billion in favor of China, and by 2019, Chinese GDP in PPP will outpace the American one by almost $ 5 trillion.