Over at NBC‘s Olympics site, they have the U.S. listed ahead of China (65 vs 61) medals.
While here, at this Chinese news site they have China listed ahead of the U.S. with 35 vs 19 gold medals.
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Smart People I Know 
A good article on this, explaining it better than I can, can be found here: http://olympics.blogs.nytimes.com/2008/08/17/the-medal-rankings-which-country-leads-the-olympics/