According to your news?
http://www.foxnews.com/world/2008summerolympics/index.html
1. USA 31 36 35 102
2. CHN 48 17 27 92
Now I thought it was ranked by golds initially, and then the total number of medals.
http://www.telegraph.co.uk/sport/othersports/olympics/2602029/US-accused-of-medal-table-spin---Beijing-Olympics-2008.html
The home nation is top of the International Olympic Committee’s medal table and is widely viewed as the highest performing nation of these Games – but not in the United States.
In the USA, newspapers have been reporting the table in terms of totals medal won, rather than by the number of golds as the IOC does. This method moves the States to the top.
Critics accuse the US media of cynically manipulating the figures to keep the USA team at the top of the table.
The debate has been fuelled by this USA Today medal table from the 2004 Olympics, which shows the countries ranked by gold medals instead.
However, the New York Times says that most of the US media get their medal tables from the Associated Press – who stated it "has always aggregated it by total medals for as long as we can remember".
A New York Times medal table from the 1996 Olympics ranks countries by total medal count, supporting that statement.
Your preferred method?