Great powers in transition

China and the United States are the world’s two largest economies. According to the International Monetary Fund, in 2010 they accounted for 14 per cent and 19 per cent respectively of global production, measured at purchasing power parity (PPP). For those who distrust PPP conversions, the World Bank reports 2011 global GDP at $70 trillion at current prices, with US output at $15 trillion and that of China less than half that, at $7.3 trillion. 

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