Beijing, Jan 21 (Agencies): China has been crowned as the world’s biggest economy in terms of purchasing power parity by the US economists.

The "generous" No. 1 title given by Arvind Subramanian, senior fellow at the Peterson Institute for International Economics in Washington, has drawn suspicion from Chinese scholars, who say such remarks are "pure fiction."

However, Director of the World Economy Institute of China’s Institute of Contemporary International Relations, said the title was an honor unfit for China.

The size of China's economy in 2010 was 14.8 trillion US dollars, compared with 14.6 trillion US dollars for the United States, when accounting for the countries' differing costs of living, Subramanian wrote in a note.

Purchasing power parity calculates gross domestic product using exchange rates and takes into account price differences of the same goods between nations.

However, statistics from the International Monetary Fund and the World Bank (WB) tell another story to that of Subramanian's.

The IMF, for instance, estimates gross domestic product, in PPP terms, in the United States was about 14.6 trillion US dollars in 2010, while China's was 10.1 trillion US dollars. The World Bank estimates a similar gap.

That's why David Leonhardt, an economics journalist with the New York Times, said in his article "On the size of China's Economy, a dissenter" that "I was careful to say that, by most measures, the United States still has by far the largest economy in the world."