Final answer:
China's GDP of approximately $15.6 trillion USD in 2021 signifies its total economic output, not necessarily individual wealth. Per capita GDP is critical for understanding living standards, but China's large population means its per capita figures remain lower than countries like the United States. Increasing GDP per capita is essential to improving living standards.
Step-by-step explanation:
China's gross domestic product (GDP) was approximately $15.6 trillion USD in 2021. This figure represents the total monetary value of goods and services produced within a country for a given year. To comprehend China's GDP and its implications, it's instructive to consider GDP both in aggregate and per capita terms. While China may have a high GDP, its large population means that per capita GDP may still be low compared to more developed countries like the United States. It is also important to note that GDP per capita can give only a rough idea of living standards across countries.
Regarding whether China will surpass the United States in terms of standard of living, China's larger population means that even when it has a large GDP in absolute or PPP (Purchasing Power Parity) terms, it is not necessarily an indicator of a higher standard of living on an individual basis. Therefore, focusing on increasing per capita GDP is critical to enhancing the living standards of the Chinese people, which can be achieved by implementing policies aimed at raising worker productivity, deepening capital, and advancing technology.