China Just Overtook The US As The World's Largest Economy
Basically, the method used by the IMF adjusts for purchasing power parity, explained here.
The simple logic is that prices aren't the same in each country: A shirt will cost you less in Shanghai than in 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.
UCBC November Meeting (2014)
What Your China Partners Would Tell You If They Trusted You Enough
|DATE||Wednesday, November 5, 2014|
|TIME||7:30 - 9:30 am|
|LOCATION||International Market Square, Studio 185, 2nd Floor. Click here for a location map.|
|REGISTER||To the right or call Jim @ 612-865-6543|
|NOTES||- Please bring brochures and information to share on the member table during our meeting!
- Parking is FREE
Minnesota - China Business Forum
|TITLE||"CBP Import Audit - Focused Assessment Change" - MGTA Event|
Commerce Counselor Shu, of People's Republic of China,
& Mark Ritchie, Minnesota Secretary of State
|DATE||Saturday, November 1, 2014|
|LOCATION||University of Minnesota Carlson School, 3M Auditorium|
|REGISTER||General Admission $25, CABAM/UCBC Members $20, Student $10 Register Here|