Joe Biden and Xi Jinping at the G20 Summit in Bali, Indonesia on November 14, 2022. Kevin Lamarque/Reuters
Analysis – The Middle Kingdom, the world’s leading economic power… is an obsession for America. The date of the tipping point is subject to renewed debate.
By the end of the decade, China will overtake the US. The Middle Kingdom’s gross domestic product, measured in dollars, should have replaced the United States with China as the world’s leading economic power. For many economists, there is little more, the case has been investigated.
However, the Covid crisis has changed the trajectory of Chinese growth. The date on which the United States will fall from its pedestal as the world’s leading economic power, established for more than a century, will certainly be postponed. The weaknesses revealed in the Chinese model have even some experts wondering whether China will eventually catch up with the United States.
Fascinating Chinese catch-up
In America, catching up to China is becoming an obsession among Republicans and Democrats alike. Fear echoes the past. “I was a student at Yale in the 1970s, recalls economist Kenneth Rogoff, a professor at Harvard University. American Nobel Prize…
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