China to have world's biggest economy by 2020
It has been widely predicted that China's economy will become the largest in the world by the year 2020, overtaking the US.
This week alone the country was said to have surpassed Japan to become the world's second biggest economy in terms of GDP. Earlier this year it officially overtook Germany to become the biggest exporter.
However, Michel Chossudovsky from the Centre for Research of Globalisation in Canada argues that GDP is not representative of the actual strength of an economy, which could mean that China's economy is already the biggest in the world.
“A large share of the commodities that we consume in the US, Canada, Western Europe are made in China,” Chossudovsky said. “The US economy imports cheap at $1. They resell at ten, and the GDP goes up by nine dollars. That is how it works. GDP is not a measurement of productive assets; it is a measurement of value added.”