What happenned to all the Hype About Chinas Economy?

[Victor]

There are many parts to this question and the answer.

First, much of it is media-hype. It is mainly about selling newspapers and journals, and making big headlines on the TV. Certainly, that's true about the Chinese language and such like. The same was said about Japanese in the 1970s and many European schools started to offer Japanese language to students "...in preparation for the emergence of a new culture and economic force." It is rubbish.

Second, the GDP of China will exceed that of USA in the next few years: say within 10 years.
That isn't surprising: with a population of 1.4 billion national production, expenditure and consumption will always be massive. But Chinese economic performance would need to exceed that of USA by 7-times if it were going to create a new economic force in the world.
Why, because the GDP-per-head in China is about US$9500 per year. For USA, the GDP-per-head is about US$51000 per year. The people and industries of China operate at about one-fifth in terms of wealth,consumption and expenditure. China is a developing country; still basically poor.

Next, China is undergoing major social and political upheaval, although the Communist dictatorship denies the fact. At some time in the future, the Chinese people will rise up and overthrow their "leaders." Such an unstable country can never become a world leader until it settles down.

Finally, all empires fail and collapse. The same will be true of the American Empire; not this year or next, but sometime. The last 70 years have shown that USA can thrive and prosper but only through waging constant war. The USA has been at war constantly since December 1941.
The world will eventually repudiate the "American way of life" and death and so might the American people.
At that time, maybe the next world-leading economy may be the Chinese; but to be honest, I don't think it will.

In the meantime, don't worry about the Chinese economy. There are more pressing problems that are real and not just media-hype.