Easily? Nope - Britain is still third. The rankings are decided by number of gold medals. 17 > 16 
Rankings are based upon whatever makes your team look the best.
If you completely discount the value of silver and bronze medals, then China has the best team, Gold 47, USA 31, UK 18, Russia 17
If you count medals all the same, USA leads China 102 to 89, Russia 3rd at 57, UK 44
If you give points for medals, 3,2,1, USA and China tie presently at 200 points, Russia 109, UK 93
If you give points based on the Formula 1 program(me), it's the same as the 3,2,1 technique.
If you figure points (3,2,1) per million population, the Aussies kick all our tulips at 3.74/Million, Cuba is in 2nd at 2.57, 1.53 to the UK, 0.93 to Canukia, 0.89 to Germany, 0.77 to Russia, a paltry 0.66 to the USA, 0.15 to China.
Aren't statistics wonderful things?