Russia Turns to the East – China Provides an Alternative Economic Powerhouse.
The second pivotal event of 2014 was less noticed and in fact rarely mentioned
in the Western mainstream media. In November of that year according to the
IMF, China’s GDP surpassed that of the U.S. in purchasing power parity terms
(PPP GDP). (This measure of GDP is calculated and published by the IMF, World
Bank and even the CIA. Students of international relations like economics Nobel
Laureate, Joseph Stiglitz, Graham Allison and many others consider this metric
the best measure of a nation’s comparative economic power.) One person who
took note and who often mentions China’s standing in the PPP-GDP ranking is
none other than Russia’s President Vladimir Putin.
