Source: EconLog
by Scott Sumner
“According to the IMF, China’s per capita GDP in 2024 is estimated at $13,136 well below the $85,373 figure for the US, and even below Mexico’s $15,246. In PPP terms, China’s GDP is $25,015, again, slightly below Mexico. China is clearly a developing country. So what’s going on here? In recent years, the US government has adopted an adversarial relationship with China, and most of the media has fallen in line with this agenda. This attitude colors the way the media looks at all sorts of issues. … There doesn’t seem to be any ‘fact of the matter’ when it comes to China’s development status. Rather it is regarded either as a backward developing country or an advanced developed country according to whether that status advances a particular argument being made by powerful special interests.” (10/22/24)