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EDIT: Reply to below:
You're talking from your Beijing experience and I'm talking from my visiting relatives in Shunde experience...Maybe it'll be hard for us to agree. Rents, Food, Public Transport, Clothing, Education are all quite cheap compared to the U.S. and those goods are what enable people to carry out their day to day lives. Walmart made-in-china goods are naturally cheaper in China than in U.S. House prices, Car taxes, Luxury taxes are part of government policy in managing monetary policy and exchange rates with the U.S. and has as much relevance as the nominal GDP - not much when you're measuring the average person's income and the goods and services they can purchase. And remember, China's population is several times that of the U.S.
Quality goods in China are expensive period. If you are in a second or third tier city, its even worse. We schedule trips to Hong Kong for shopping...we aren't the only ones also! Cars are expensive all over China as they are heavily taxed. Only food could be considered a bit cheaper, but you have to avoid the low end completely over food safety concerns (e.g. gutter oil).
All in all, I would save money by moving back to Seattle, I think. More to pay in rent, but houses are cheaper to buy, food is more expensive, but groceries would be cheaper. Taxis are much more expensive, but I could actually own my own car and park it legally without paying a whole bunch of money.
It is however limited when comparing the size of national economies; GDP PPP is designed to compare the purchasing power of the citizens of one country against those of another country rather than the total size of national economies.
But by selling a hamburger in the US, you can buy several hamburgers in China...?