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Politics:

Getting Our China Priorities Straight

Last week, the establishment media played up reports that China surpassed Japan as the world’s second largest economy as measured by gross domestic product (GDP). Contrary to the amount of attention it received, the development is not as important as it was made to sound. First of all, if the PRC reported its economic data accurately, China probably passed Japan several years ago. Second, after adjusting for different prices within economies —known as purchasing power parity— China actually passed Japan way back in 1995.

View Source: http://blog.heritage.org/2010/08/24/morning-bell-getting-our-china-priorities-straight/