It has been officially proclaimed that Chinese economy is the world’s biggest economy, in terms of overall economic activity. It captured the dominant status of formal leading economy i.e. US economy. According to the data on the world economy provided by International Monetary Fund, the streak of supremacy of US economy has ended and the power of ascendancy has been shifted to Chinese side. The data shows that China has become the prevailing economy in the world as far as purchasing power parity (PPP) is concerned.
According to demographical facts, US accounts for 4.4% in the global population, whereas China has over 19.1%, which shows that China has seized the US economy in terms of total economic activity.