China has rejected a report by the World Bank suggesting it might overtake the US as the largest economy in terms of currency's purchasing power by the end of the year.

According to the World Bank's International Comparison Program, the Chinese currency's purchasing power is estimated to be stronger than the actual exchange rates, based on prices in 2011.

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RBS economist Louis Kuijs calculates that China's economy was 15% bigger compared to the previous estimate, or 87% the size of the US economy.

Based on purchasing power terms, China would be able to surpass the US this year, although it would still be 60% the size of the US economy in terms of market exchange rates.

However, the World Bank reported that China's National Bureau of Statistics (NBS) rejected the conclusion of the study. The report also said the bureau did not want to publish the results due to reservations about the methodology of the study.

The Chinese government has exhibited reluctance in acknowledging the rise of its economy even when it overtook Germany in the export industry. China had already passed Japan as the second biggest economy and the US as the top 1 trader.

China's leaders have put emphasis on the country's status as middle-income nation to avoid adopting greenhouse gas emission limits. China is currently the biggest source of these emissions.

The International Comparison Program is a program designed to compare the living standards of countries with varying prices. The comparison is done every six years.

According to Capital Economics chief Asia economist Mark Williams, the results gleaned from the program can be used to gain more insight into the living conditions of Chinese families.

However, he said the results will not be able to reflect the economic standing of China compared to the rest of the countries because market exchange rates still need to be taken into consideration.

A forecast by the International Monetary fund has pegged China's 2014 economic growth at 7.5%, compared to the 2.8% outlook for the US. However, with a population of 1.3 billion, China is barely included in the top 100 nations in terms of individual income.