Dirk Bruere at NeoPax:
Sometime within the next 5 years China will overtake the USA in terms of
its economy measured by PPP.
So what? Before they could even think to reach the US per capita income it
will take decades. But it won't happen, unless, as probable, the US incomes
are going to go below the present ones.
Remember that China's miracle is not a miracle at all, it happened, just to
mention few, in England, during the Industrial revolution, In Italy right
after WW2, in Japan in the 70es, in Spain at the end of the century.
It's just the enormous amount of work that peasants are used to do for
barely survive applied to factories. But China is rapidly depleting his
reservoir of desperates, so the wages are due to rise and efficiency
decrease, maybe even before five years.