America Outmatches China Economically (For Now)

Derek Scissors / April 15, 2011

China announced its economic results for the first quarter this morning. GDP was said to grow a strong 9.7 percent, while consumer inflation reached a worrisome 5 percent.

Frankly, most Americans shouldn’t care that much. China’s economic importance is being overstated now, and even its considerable economic potential is sometimes overstated.

The PRC is much poorer than the U.S., and its economic problems are considerable. The average American made more than 12 times as much as the average Chinese in 2009. (more…)