Michael A. Levi
Why the Chinese economy still lags behind the US
Published on May 16, 2014 11:06 PM
A REPORT last month that China's economy will soon become the world's largest has sparked worries.
Normally calm observers are taking the news as a sign that China is overtaking the United States as an economic power.
But much as counting warships or troops often provides a misleading measure of military might, tallying up gross domestic product (GDP) - the figure behind the latest headlines - yields a warped picture of China's economic rise.
By most meaningful yardsticks, China is still less economically powerful than the US.
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