Dredging up our old posts. This one is from 13 November 2018.
U.S. versus China (GDP) | Mystics & Statistics (dupuyinstitute.org)
As of 2017, U.S. GDP was $19.391 trillion according to the World Bank. The Chinese economy was $12.238 trillion. This was 63% of the U.S. economy.
Now?
Using the World Bank figures for 2019 it is 21.428 trillion for the United States. The Chinese economy is $14.343 trillion. This is 67% of the U.S. economy and these figures pre-date the Covid crisis.
IMF has estimated 2020 figures. I have no idea how relevant or meaningful they area. For the US. it is $%20.807 trillion while for China it is 14.861 trillion. This is 71% of the U.S. economy. Don’t know how much of the Coronavirus issues affected these 2020 IMF figures. China started dealing with Coronavirus in January 2020 while it only became an issue in the United States in March of 2020. China has since brought it under control and are seeing about 200 cases a day. The United States has failed to bring it under control and are looking at something like 180,000 new cases each day. As such, I would expect that China GDP is growing faster than the United States and this will probably also be the case for 2021.
P.S.: The U.S. GDP declined 3.5% in 2020. See: https://www.cnn.com/2021/01/28/economy/us-fourth-quarter-gdp/index.html
The critical statistics are per capital GDP and resulting disposable income – wealth as always generated by ‘saved profit’ out of the production- consumption process.
The Chinese ruling part is faced with resulting differences between its long generation of investment capital by suppressing domestic consumption and increasing necessity to meet public demand for increasing consumption.