We reported in April 2012 that leading Chinese economic analyst (and American ex-pat) professor Michael Pettis argued in 2011 that China’s GDP might already higher than America’s in terms of purchasing power parity.
And we noted that Arvind Subramanian — former assistant director in the Research Department of the International Monetary Fund, and now senior fellow jointly at the Peterson Institute for International Economics — says that China passed up the USA in 2010.
Financial Times reported in April:
The US is on the brink of losing its status as the world’s largest economy, and is likely to slip behind China this year, sooner than widely anticipated, according to the world’s leading statistical agencies.
Now, it’s official …
As Huffington Post notes:
China’s gross domestic product is worth $17.6 trillion, adjusted for China’s relatively low cost of living, compared with $17.4 trillion for the U.S., the International Monetary Fund estimated as part of its latest World Economic Outlook. Here’s how that looks in chart form: