China has closed the gap with the U.S. “in most economic races, even overtaking it in some,” according to a recent report from Harvard’s Belfer Center for Science and International Affairs. The report, “The Great Economic Rivalry: China Vs. the US,” predicts that at the current rate, China will overtake the US economically within a decade.
Measured by purchasing power parity (PPP) — which compares national economies in terms of how much each nation can buy with its own currency at the prices items sell for in its market — China has already surpassed the US to become the world’s largest economy.
