NYT Understates Income in China by a Third20th November 2018
In an article pointing out that China has more income mobility than the United States, The New York Times seriously understated China’s per capita income. The article told readers:
“Today, the economic output per capita in China is $12,000, compared with $3,500 a decade ago. The number is far higher in the United States, $53,000.”
Actually, using a purchasing power parity measure of income (which applies a common set of prices to all goods and services, regardless of the country), China has a per capita GDP of $16,100 in 2018, according to the I.M.F. This is still less than a third of $55,500 measure for the US, but getting close to the richest countries in Latin America and the poorest countries in Europe. Mexico’s per capita GDP for 2018 is $18,300 and Bulgaria’s is $20,600. The I.M.F’s projections show per capita GDP in China passing Mexico’s by 2022.
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