Part 6/10:
A notable differentiation exists between GDP and GDP measured via Purchasing Power Parity (PPP). While GDP evaluates the total monetary value generated within a country, GDP PPP accounts for the cost of living and price variations across countries. As of 2023, China's GDP (PPP) stands at over $34 trillion, significantly larger than the U.S.'s $27 trillion.
This difference highlights that, although the nominal figures may favor the United States, the purchasing capacity of money in China is far greater, thus allowing for a higher overall economic size when adjusted for affordability.