JOURNAL OF BEIJING UNIVERSITY OF AERONAUTICS AND A ›› 2016, Vol. 29 ›› Issue (3): 68-74.DOI: 10.13766/j.bhsk.1008-2204.2015.0542

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Difference of International Position between Gross Economic Size and Economic Level per Capita in China

ZHANG Haitao, REN Ruoen, BAI Manying   

  1. School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100083, China
  • Received:2015-11-12 Online:2016-05-25 Published:2016-05-26

Abstract:

GDP, GDP per capita, national wealth and wealth per capita are often used to measure China's economic position in the world. The paper uses these variables of world major countries dominated in dollars to evaluate the international comparison position of China's economy from the perspective of state and time dimensions by using PPP from the ICP 2011 as the currency conversion factor. The findings are as followed: China's GDP ranks first, up to 17.6 trillion dollars, 101.1% of the GDP of USA. However, GDP per capita, household wealth and wealth per capita are very small, only 21%、30.8% and 7.4% of the corresponding ones in USA and rank more than the 90th, 3rd and more than 60th respectively worldwide. Financial wealth of Chinese household is much less than that of USA and Japan. GDP per capita in 2013 in China was similar to that of USA in 1941. Not until the middle of the century can China be able to possibly reach the current economic level of the developed countries, such as USA and Japan. Though China ranks first in terms of economic size, GDP per capita is very low, especially the consumption per capita which is even much lower. So China is still a developing country. To solve the problem, China should, first of all, ensure steady growth and set "benefiting the people" as the ultimate goal of China's economic development.

Key words: international comparison, gross domestic product, household wealth, consumption per capita, purchasing power parity

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