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This idea if China not being the world most powerful country is a new one. For thousands of years, they have been the dominant country. Only in the last 300 years of so have they lost that title. It has taken them a while to embrace technology due to there culture, but once they are on par with the rest of the world technologically, they will be back on top.

I mean come on, they are 1/5th of the worlds population. Being #1 is expected.