Based on what I have observed for long time, today's China has become the largest economy for years, with less than 20% population producing over 50% goods in the world used for people's daily life. China actual GDP per capita in 2017 was $36000US, 3 times higher than the officially announced figure. In other words, China 2017 GDP was ~$50 trillions. This may still undercounter the real GDP figure, if looking at the actual economic scale in China. In fact, a large part of China GDP was contributed by physical economy (~48%), unlike the USA GDP contributed mostly by service section (~80%) (see the CIA World Factbook website).
Now the main stream economists are enjoying the theories they have created, that may ignore a basic aspect that people live depending on materialized items created by physical economy, although service or virtual economy may make people's life more easier. However, people could not even survive without physical economy.
Now the main stream economists are enjoying the theories they have created, that may ignore a basic aspect that people live depending on materialized items created by physical economy, although service or virtual economy may make people's life more easier. However, people could not even survive without physical economy.
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