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China Today: Myths and Realities — #65
Manifold
Economic Perspective: The Power of Purchasing Parity
Costs of hiring professionals and living expenses in China are significantly lower than in the United States, including expenses related to software developers and living accommodations. To accurately compare the economies, purchasing power parity (PPP) adjustments are essential, particularly revealing that China's nominal GDP, when adjusted for purchasing power, effectively doubles its economic size relative to the U.S. As the quality of Chinese professionals reaches parity with their U.S. counterparts, the actual scale of China's economy, bolstered by its larger population of skilled workers, becomes even more pronounced.
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