China: it is big and it is clever

"America, an apology: perhaps we were too quick to worry about the 47 per cent of you that believe China is the world’s foremost economic power.

They may have read this cogent post from Peterson’s Arvind Subramanian, which crunches updated purchasing power parity (PPP) estimates and finds:

My calculations (explained in greater detail below) based on the most recent version [2011 Penn World Table], which is due in early February, show that the size of the Chinese economy in 2010 was about $14.8 trillion dollars—surpassing that of the United States..."

at http://ftalphaville.ft.com/blog/2011/01/14/459816/china-it-is-big-and-it-is-clever/