Yes, but you also need to look at Purchasing Power Parity (PPP). PPP compares the relative value of currencies by measuring the price of a basket of goods in different countries. Accounting for that, China’s GDP per capita is more like $30k. To do that in a little over 70 years, when in 1952 83% of China’s workforce was engaged in agriculture, is nothing short of amazing. They are already well on their way to reducing their dependence on non-renewable energy and seem poised to overtake the US as the technological powerhouse of the world within the next 50 years.
Yes, but you also need to look at Purchasing Power Parity (PPP). PPP compares the relative value of currencies by measuring the price of a basket of goods in different countries. Accounting for that, China’s GDP per capita is more like $30k. To do that in a little over 70 years, when in 1952 83% of China’s workforce was engaged in agriculture, is nothing short of amazing. They are already well on their way to reducing their dependence on non-renewable energy and seem poised to overtake the US as the technological powerhouse of the world within the next 50 years.