Final answer:
China's large GDP does not account for income distribution, inequality, or non-economic factors affecting well-being. GDP per capita provides a rough estimate of living standards but fails to offer a complete picture. Improvements in these areas depend on productivity, capital, and technological policies.
Step-by-step explanation:
While China has one of the largest real GDPs in the world, this measure does not consider several factors that are important in determining the well-being of its citizens. Gross Domestic Product (GDP) does not account for the income distribution within the country, the inequality of wealth, or the non-economic factors that contribute to well-being such as environmental quality, health, and leisure time.
For example, China's GDP per capita is significantly lower than that of more developed countries like the United States or Japan, reflecting a different standard of living. Measurement issues aside, GDP per capita offers only a rough estimate of living standards, and it's essential to look at both economic and non-economic factors to gain a full understanding of well-being. The goal is to not only increase GDP but to improve GDP per capita alongside designing policies focused on increasing worker productivity, deepening capital, and advancing technology, which can lead to enhanced living standards.