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Notes -
If Chinas service economy is actually triple of what those numbers say, it gets you from 125% of US to ~155% - not a significant change to debt/GDP.
This is still propably a problem with the concept rather than the measurement - depending on how exactly PPP is defined, but just a few things being weirdly expensive it would likely miss. With housing especially, if you consider the value of location at all, its hard to see how international "quality" comparisons could be made.
Why are they not captured?
Fair. This author thinks that the real scale is Chinese economy is 2x of the US or more, all things considered.
I think American housing value is inflated by the peculiar, unique necessity of getting away from Undesirable People while still being in the vicinity of jobs, schools and other desirable factors.
For example, how do you compare the utility of a high-status American SUV and a noname Chinese SUV with some crazy AI-driven suspension or drone launch pad, especially if they do not meaningfully coexist on either market?
And how do you expect this fact to make its way into PPP determinations? I mean even aside the overton considerations, is there any way to say how much of US housing prices are due to this, beyond "I reckon"? At risk of meme-ing, if I said that living in a free and democratic country is valuable to consumers and this is reflected in the prices of the naturally limited houses-near-XYZ in such countries, how do we know youre right and Im wrong? Indicator measures arent useful if measuring them is epistemology-complete, which is why PPP is almost certainly defined in a way that cant detect these things.
Im sure this is true in some cases, but I dont think its true "across industries". And with services it seems like the default case - e.g. the "style of waiting" in everyday-grade european restaurants propably isnt offered in the US - so they propably have some strategy to capture it anyway
I think that if we are trying to genuinely compare apples to apples, PPP is inadequate between significantly different developed systems and we may indeed have to fall back to Marxism-Leninism and factors of production. In the end, what is being discussed is whether China will be able to finance their debt, and any analysis must have to backchain to the possibility to say anything about that.
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