- According to Euromonitor International, China has taken the lead as the world’s largest economy in purchase power parity (PPP) over the US. However, China still lags significantly behind in income and consumer expenditure. In its White Paper China overtakes the US as the World’s Largest Economy it is stated that the US is still the leader in ease of doing business and labour productivity rankings but that China is rapidly gaining ground with regard to research and development (R&D). Euromonitor International spokesperson Ms Sarah Boumphrey said, “China has been open about its desire to become a world leader in innovation, stating a goal of becoming an innovation-driven economy by 2020 in its five-year plan in 2013. China spent 2,1% of its total GDP on R&D in 2013, up significantly from 1,5% in 2008, and comparing favourably with 2,9% in the US in 2013, which increased only a fraction from 2,8% in 2008.” To read more, click HERE.