IMF:中国经济实力很快将超越美国

Despite of recent signs of stabilizing, China will overtake the U.S. as the world’s NO.1 economy according to the International Monetary Fund.

The IMF says China’s total output would exceed America’s this year based on purchasing power parity. However, IMF chief Christine Lagarde says the data is one of many yardsticks used to assess a country’s economic power and isn’t a comprehensive reading.

The International Monetary Fund drew global attention this week when it said China would soon outpace the U.S. in economic might. China’s total output may reach 17.6 trillion dollars this year. That’s a touch higher than that of the U.S. when calculated by purchasing power parity. Lagarde says more measures are required to gain a full picture.

"You know, it’s one indicator amongst many others. If you look at GDP per capita, China is way behind of course. You have to take all the factors into account, to actually access the stability and future of the economy. I wouldn’t neglect demographics by the way. So, it’s a sign that by that particular criteria, China is growing," Christine Lagarde said.

Experts say purchasing power parity would compare GDP through the purchasing power of different citizens. The data often overlooks the impact of international trade and is hard to be representative when deciding which goods to count.

"The purchasing power parity largely depends on which goods you select. There is no clear definition. In practice, to pick up a batch of representative goods is very difficult," Bai Chongen, Associate Dean of School of Economics and Management, Tsinghua Univ., said.

A more prevailing way of calculating growth is through the official exchange rate, which calculates the total value of goods created after converting currencies to US dollars. China’s economy would be 10.4 trillion US dollars, much less than that of the US, using that method. Bai says the method is subject to forex rates and the two measures are complementary in checking a country’s economic health.

"Foreign trade is very important in one’s economic power, which is reflected by foreign exchange rates. For those non-tradable goods and services, purchasing power parity is a major reference," Bai said.

Analysts say the U.S. is still the largest economy worldwide as the quality of China’s growth still lags and more reforms are needed for China to improve the situation.