Everyone knows China is growing rapidly, but the International Monetary Fund’s announcement that China’s economy will surpass that of the U.S. in real terms by 2016 is a bit of a shocker—just 10 years ago, the U.S. economy was three times the size of China’s. Under Purchasing Power Parity, the Chinese economy will expand from $11.2 trillion this year to $19 trillion in 2016. Meanwhile the size of the U.S. economy will rise from $15.2 trillion to $18.8 trillion. That would ...