-Analysis- NEW YORK — What a difference two decades make. In 1997, China’s gross domestic product was about 11% of the U.S’s. By 2017, it was up to 63%. But this overstates the difference in living standards between the two countries, since prices are generally lower in China. In purchasing-power-parity terms, China’s economy became the world’s largest in about 2013. So which country’s economy is really bigger? The truth probably lies somewhere between these two figures. If China were to abolish its capital controls and open its currency to foreign speculation, there’s a good chance the yuan would rise in […]
