Under PPP, the Chinese economy will expand from $11.2 trillion this year to $19 trillion in 2016. Meanwhile the size of the U.S. economy will rise from $15.2 trillion to $18.8 trillion. That would take America’s share of the world output down to 17.7%, the lowest in modern times. China’s would reach 18%, and rising. Just 10 years ago, the U.S. economy was three times the size of China’s.
He could have mentioned that China’s population is over 1.3 billion while ours is approximately 0.3 billion. The CIA World Factbook noted that in 2010 China’s per capita income was only $7400 per year (ranking #126) whereas ours was $47,000 per year (ranking #10). One would hope that China’s growth would be such that its per capita income would surely converge to that of richer nations.