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2019 | OriginalPaper | Chapter
14. ICP Shock
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Abstract
This chapter introduces opportunities and challenges brought about by China’s participation in the International Comparison Project. The authors suggest that applying the ICP to China still requires considerable improvements in terms of theory and method. More data and research are needed on China’s economic development level, China’s national power and people’s standard of living, departmental PPP productivities, poverty reduction, integration of ICP and CPI, and application of PPP in microeconomy. It also discusses limitations of the ICP, and how the results should be interpreted. Finally, it discusses the ICP data and results based respectively on the PPP method and the exchange rate method, highlighting the advantages and disadvantages of each method.