US will always will be the world’s leading economic, military and political power, that’s what all the US politicians would like the US people to believe, but the reality is soon becoming more visible with china’s rapid economic progress.
China is rapidly gaining on the US as the world’s leading economic power. According to data from the International Monetary Fund (IMF), China’s economy is currently about 80 per cent of the size of the US economy.
Chinas Economy is projected to pass the US by 2016.
China’s economy will expand from $11.2 trillion this year to $19 trillion in 2016, while the U.S. economy will rise from $15.2 trillion to $18.8 trillion. That would take the U.S. share of the world’s economy down to 17.7%,
China is already a far bigger exporter of goods and services to the world with it exporting consumer electronics , Clothing and a increasing growth of their manufacturing sector. It has already passed the US as the world’s biggest car market in 2009.
China has become the largest grocery market in the world, overtaking America for the first time after its consumers spent almost US$1 trillion in supermarkets last year, new research suggests.
Shift in world power – China Overtaking U.S. by 2016
Even if its growth rate slows to the 7.0 per cent annual ( which many economists and analysts predict) rate, China’s economy will still be close to twice the size of the US economy in a decade
The US has mainly benefited from the world a lot from patents and copyrights, intellectual property that the US has sought to impose on the rest of the world with its vast array of Patents for prescription drugs ( which is said to make cheap drugs incredibly expensive) and Patents in high tech. ( American Pharmaceutical Patents PDF copy )
China in a high profile case has contested the apple “ipad patent/copyrght concerns” and India has now increased production of non-patent prescription drugs which it is now increasingly exporting to growing economies like south Africa.