With per capita income above $5,000, China is no longer a poor country. That also means that China's growth rate will continue to slow. 

So that also means that fears that China's economy will overtake the U.S. are unfounded, argues Ruchir Sharma, author of Breakout Nations, who argues in the video below that this misperception of China's economy owes to a weakening of U.S. confidence, which has more to do with psychology than reality. 

Watch the video here:

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