This was inevitable, but it still feels momentous: By one important measure, China's economy is now the biggest in the world, topping the United States.
China's gross domestic product is worth $17.6 trillion, adjusted for China's relatively low cost of living, compared with $17.4 trillion for the U.S., the International Monetary Fund estimated as part of its latest World Economic Outlook. Here's how that looks in chart form:
Here's another way of looking at it -- China's share of the global economy is now slightly bigger than America's, at 16.5 percent to 16.3 percent:
It's important to note that these figures are adjusted for the relative costs of living in both countries, known to fancy economists as "purchasing power parity." It's something economists do to try to make comparisons between countries more fair. It is crazy cheap to live in China and crazy expensive to live in the U.S., so a trillion U.S. dollars are worth a lot more in China than in the U.S.
And that has something to do with the fact that China is manipulating its currency to be worth much less than the dollar. It does this to help make Chinese stuff cheaper than U.S. stuff on the global market. American politicians regularly pretend to be super angry about this, but don't much mind getting all the cheap Chinese stuff. And China's booming factory sector has, in turn, helped make China's economy rapidly get bigger and bigger.
In terms of sheer size, however -- meaning, not adjusted for costs of living -- the U.S. economy still dwarfs China's, at $17.4 trillion to $10.4 trillion:
GDP breaks down to nearly $55,000 per capita per year in the U.S., compared with less than $8,000 per person in China:
Again, though, that $8,000 goes a long way.
BEFORE YOU GO
How to vote
Vote-by-mail ballot request deadline: Varies by state
For the Nov 3 election: States are making it easier for citizens to vote absentee by mail this year due to the coronavirus. Each state has its own rules for mail-in absentee voting. Visit your state election office website to find out if you can vote by mail.Get more information
In-person early voting dates: Varies by state
Sometimes circumstances make it hard or impossible for you to vote on Election Day. But your state may let you vote during a designated early voting period. You don't need an excuse to vote early. Visit your state election office website to find out whether they offer early voting.My Election Office
General Election: Nov 3, 2020
Polling hours on Election Day: Varies by state/localityMy Polling Place