A lot of “common knowledge” no longer holds true.
USA is no longer the biggest economy in the world when comparing purchasing-power-adjusted GDP: China IS.
Although the US has been the global leader since overtaking the UK in 1872, in 2014 China reached $17.6 trillion or 16.48 percent of the world’s purchasing-power-adjusted GDP. The US made slightly less, 16.28 percent or $17.4 trillion, the FT reported citing IMF data.
PPP is recognised as the best way to compare the size of economies rather than using volatile exchange rates, which rarely reflect the true cost of goods and services. Thus a trillion US dollars are worth a lot more in China than in the US.
However in terms of a real GDP the United States remains the undisputed world leader with $16.8 trillion output, significantly outpacing China with $10.4 trillion.
Visa nor Mastercard are the largest credit/debit cards in the world: UnionPay is.
China UnionPay, is the only domestic bank card organization in the People’s Republic of China (PRC). Founded on March 26, 2002, China UnionPay is an association for China’s banking card industry, operating under the approval of thePeople’s Bank of China (PBOC, central bank of China). It is also the only interbank network in China excluding Hong Kongand Macau, linking the ATMs of all banks throughout mainland China and widely accepted by the ATMs in Hong Kong and Macau. It is also an EFTPOS (Electronic Funds Transfer at Point of Sale) network.
Las Vegas is no longer the biggest gambling city: Macau is.
Macau is the only location in China where gambling is legal, and millions of tourists flock to the territory each year. Revenues for gambling in Macau are 7X compared to the Las vegas strip.
USA is no longer the biggest polluting nation on earth: China is
Not only is China polluting more that USA, but it is polluting more than USA and Europe COMBINED. Aditionally, this year, China will generate more CO2 per capita than Europe
Europe is no longer the leader in renewable energy investment. China is.
USA is no longer the largest buyer market for cars: China is.
It is also the biggest producer.
Luxembourg is no longer the highest per capita nation on earth: Qatar & Macau are.
Amazon is no longer the largest ecommerce giant: Alibaba is.
Samsung nor Apple are the highest selling smartphones in China: Xiaomi is.
Xiaomi Inc. is the world’s 3rd largest smartphone distributer that designs, develops, and sells smartphones, mobile apps, and consumer electronics. Since the release of its first smartphone in August 2011, Xiaomi has gained market share in mainland China. The company’s founder and CEO is Lei Jun, China’s 23rd richest man according to Forbes.
The company has over 3,000 employees, mainly in mainland China.
All these changes reminded me of the phrase I have in my own office. ☺
Hope you liked it and if you learned something, share it! ☺
PS: Saudi Arabia is no longer the largest producer of Oil: USA is
PS2: NEXT big changes? : Singapore ‘to Become New Switzerland’