The US is no longer the biggest economic power in the world, or the primary engine of global growth. Chinas extraordinary economic growth over the past 4 decades, at an average rate four times that of the US (three times over the last decade), has radically changed the balance of power in the world. - - The most realistic metric for comparing GDP in different countries (recommended by the IMF, the CIA and many others) is that of Purchasing Power Parity. - - On this basis the Chinese economy is already almost 19% (IMF figures) bigger than that of the US. Add in the fact that Chinas informal economy is significantly larger than that of the US (approximately 13% of GDP as against 7% for the US); and that it uses a 9 year old base year in its national accounts; and it is likely that Chinas GDP is currently over 52% bigger than that of the US. - - Project forward on the basis of the average relative growth of the last 5-years and it seems likely that China will be closing in on a GDP figure roughly twice that of the US by 2032 - in less than a decade. - - Clearly GDP size is not entirely correlated with economic and political power. But a China of 1.4bn people and a GDP double the size of its closest rival, puts the US in a very different position to that it has experienced for well over a century. - - The big question remains, will Chinas growth slow down in the near future to levels more like that of the US, or will it continue to outpace the US until it is a very much larger economic entity? The first point to note is that there are many other indications of Chinas new primacy in the world. First and most important, China has dramatically overtaken the US as the primary engine of global growth.

The US is no longer the biggest economic power in the world, or the primary engine of global growth. Chinas extraordinary economic growth over the past 4 decades, at an average rate four times that of the US (three times over the last decade), has radically changed the balance of power in the world. - - The most realistic metric for comparing GDP in different countries (recommended by the IMF, the CIA and many others) is that of Purchasing Power Parity. - - On this basis the Chinese economy is already almost 19% (IMF figures) bigger than that of the US. Add in the fact that Chinas informal economy is significantly larger than that of the US (approximately 13% of GDP as against 7% for the US); and that it uses a 9 year old base year in its national accounts; and it is likely that Chinas GDP is currently over 52% bigger than that of the US. - - Project forward on the basis of the average relative growth of the last 5-years and it seems likely that China will be closing in on a GDP figure roughly twice that of the US by 2032 - in less than a decade. - - Clearly GDP size is not entirely correlated with economic and political power. But a China of 1.4bn people and a GDP double the size of its closest rival, puts the US in a very different position to that it has experienced for well over a century. - - The big question remains, will Chinas growth slow down in the near future to levels more like that of the US, or will it continue to outpace the US until it is a very much larger economic entity? The first point to note is that there are many other indications of Chinas new primacy in the world. First and most important, China has dramatically overtaken the US as the primary engine of global growth.

The US is no longer the biggest economic power in the world, or the primary engine of global growth. Chinas extraordinary economic growth over the past 4 decades, at an average rate four times that of the US (three times over the last decade), has radically changed the balance of power in the world. - - The most realistic metric for comparing GDP in different countries (recommended by the IMF, the CIA and many others) is that of Purchasing Power Parity. - - On this basis the Chinese economy is already almost 19% (IMF figures) bigger than that of the US. Add in the fact that Chinas informal economy is significantly larger than that of the US (approximately 13% of GDP as against 7% for the US); and that it uses a 9 year old base year in its national accounts; and it is likely that Chinas GDP is currently over 52% bigger than that of the US. - - Project forward on the basis of the average relative growth of the last 5-years and it seems likely that China will be closing in on a GDP figure roughly twice that of the US by 2032 - in less than a decade. - - Clearly GDP size is not entirely correlated with economic and political power. But a China of 1.4bn people and a GDP double the size of its closest rival, puts the US in a very different position to that it has experienced for well over a century. - - The big question remains, will Chinas growth slow down in the near future to levels more like that of the US, or will it continue to outpace the US until it is a very much larger economic entity? The first point to note is that there are many other indications of Chinas new primacy in the world. First and most important, China has dramatically overtaken the US as the primary engine of global growth.

The US is no longer the biggest economic power in the world, or the primary engine of global growth. Chinas extraordinary economic growth over the past 4 decades, at an average rate four times that of the US (three times over the last decade), has radically changed the balance of power in the world. - - The most realistic metric for comparing GDP in different countries (recommended by the IMF, the CIA and many others) is that of Purchasing Power Parity. - - On this basis the Chinese economy is already almost 19% (IMF figures) bigger than that of the US. Add in the fact that Chinas informal economy is significantly larger than that of the US (approximately 13% of GDP as against 7% for the US); and that it uses a 9 year old base year in its national accounts; and it is likely that Chinas GDP is currently over 52% bigger than that of the US. - - Project forward on the basis of the average relative growth of the last 5-years and it seems likely that China will be closing in on a GDP figure roughly twice that of the US by 2032 - in less than a decade. - - Clearly GDP size is not entirely correlated with economic and political power. But a China of 1.4bn people and a GDP double the size of its closest rival, puts the US in a very different position to that it has experienced for well over a century. - - The big question remains, will Chinas growth slow down in the near future to levels more like that of the US, or will it continue to outpace the US until it is a very much larger economic entity? The first point to note is that there are many other indications of Chinas new primacy in the world. First and most important, China has dramatically overtaken the US as the primary engine of global growth.

The US is no longer the biggest economic power in the world, or the primary engine of global growth. Chinas extraordinary economic growth over the past 4 decades, at an average rate four times that of the US (three times over the last decade), has radically changed the balance of power in the world. - - The most realistic metric for comparing GDP in different countries (recommended by the IMF, the CIA and many others) is that of Purchasing Power Parity. - - On this basis the Chinese economy is already almost 19% (IMF figures) bigger than that of the US. Add in the fact that Chinas informal economy is significantly larger than that of the US (approximately 13% of GDP as against 7% for the US); and that it uses a 9 year old base year in its national accounts; and it is likely that Chinas GDP is currently over 52% bigger than that of the US. - - Project forward on the basis of the average relative growth of the last 5-years and it seems likely that China will be closing in on a GDP figure roughly twice that of the US by 2032 - in less than a decade. - - Clearly GDP size is not entirely correlated with economic and political power. But a China of 1.4bn people and a GDP double the size of its closest rival, puts the US in a very different position to that it has experienced for well over a century. - - The big question remains, will Chinas growth slow down in the near future to levels more like that of the US, or will it continue to outpace the US until it is a very much larger economic entity? The first point to note is that there are many other indications of Chinas new primacy in the world. First and most important, China has dramatically overtaken the US as the primary engine of global growth.

The US is no longer the biggest economic power in the world, or the primary engine of global growth. Chinas extraordinary economic growth over the past 4 decades, at an average rate four times that of the US (three times over the last decade), has radically changed the balance of power in the world. - - The most realistic metric for comparing GDP in different countries (recommended by the IMF, the CIA and many others) is that of Purchasing Power Parity. - - On this basis the Chinese economy is already almost 19% (IMF figures) bigger than that of the US. Add in the fact that Chinas informal economy is significantly larger than that of the US (approximately 13% of GDP as against 7% for the US); and that it uses a 9 year old base year in its national accounts; and it is likely that Chinas GDP is currently over 52% bigger than that of the US. - - Project forward on the basis of the average relative growth of the last 5-years and it seems likely that China will be closing in on a GDP figure roughly twice that of the US by 2032 - in less than a decade. - - Clearly GDP size is not entirely correlated with economic and political power. But a China of 1.4bn people and a GDP double the size of its closest rival, puts the US in a very different position to that it has experienced for well over a century. - - The big question remains, will Chinas growth slow down in the near future to levels more like that of the US, or will it continue to outpace the US until it is a very much larger economic entity? The first point to note is that there are many other indications of Chinas new primacy in the world. First and most important, China has dramatically overtaken the US as the primary engine of global growth.

Though he did not announce a trade deal after meeting with Chinese leader Xi Jinping, President Donald Trump said he thought it could happen “pretty soon.”

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U.S. President Donald Trump said he was confident of hashing out a deal with Chinese President Xi Jinping, whom he is expected to meet next week, after top economic officials from both countries reach...

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The drop in U.S.-bound shipments was offset by a surge in Chinese goods to Southeast Asia, Africa, Europe and Latin America

One of the weirdest myths in contemporary politics is that the president is good at deal-making. This has never been true, and it’s certainly not true now.