| Summary/Abstract |
In 2014, a quiet revolution shook international politics. That year, the World Bank reported that U.S. GDP in purchasing power parity (PPP) terms slipped to second place for the first time since the 1870s.1
1 Calculations based on the World Bank “DataBank,” accessed February 20, 2018, http://databank.worldbank.org/data/home.aspx.
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From 2014 to 2022, the International Monetary Fund estimates that China’s share of global PPP GDP will rise from 16 percent to more than 20 percent, while the U.S. share will fall from 16 percent to 14 percent.2
2 Calculations based on International Monetary Fund, “World Economic Outlook Database,” accessed February 28, 2018, http://www.imf.org/en/Data.
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And that is not all. In 2013, China surpassed the United States as the world’s largest trading nation, which Beijing hailed as “a landmark milestone.”3
3 See Angela Monaghan, “China Surpasses US as World’s Largest Trading Nation,” Guardian, January 10, 2014, https://www.theguardian.com/business/2014/jan/10/china-surpasses-us-world-largest-trading-nation.
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China has also overtaken the United States in total foreign investment, renewable energy production, number of Internet users, and back-end research and development (R&D) spending.
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