As of 2012, China is the world's second-largest economy, after the United States, by both nominal GDP and purchasing power parity, and is also the world's largest exporter and second-largest importer of goods.
In per capita terms, China ranked 90th by nominal GDP and 91st by GDP (PPP) in 2011, according to the IMF. China is a recognised nuclear weapons state and has the world's largest standing army, with the second-largest defence budget.
Let's take a look at how China is set to dominate the world.
1. Urban boom
The lure of rapid riches is drawing Chinese to urban areas in droves. Just two recent stats to illustrate the mind-blowing scale of China's urban consumption boom
i) Urban household disposable income is expected to double between 2010 and 2020.
ii) In 2010, China had 18 million households with an annual income above $16,000. By 2020, this number will be 167 million households. That's nearly 400 million people.
The outcome? A massive, sophisticated urban Chinese class of people, with a massive demand for high quality goods and services.
2. Best of the West in the East
The demand for high quality goods and services has been met (more often than not) by Western brands trading on the status that comes with their heritage. Indeed, Western brands have scrambled to not only sell to Chinese consumers, but to pay homage to them.
With special ranges or products that are made for China, or by rolling out the red carpet to Chinese consumers around the world.
Both of which have set the expectations of Chinese consumers, and given Chinese brands and entrepreneurs the inspiration and confidence to step forward, while still remaining mindful of the need to match - or exceed - the standards of quality set by the very best of their Western counterparts.
3. Global brain
The impact of the Great Firewall of China is well-documented, but China is connected. With over 513 million Internet users (compared to 245 million Americans online), Chinese entrepreneurs and consumers are part of the global brain: frantically feeding off (and adding to) global consumer culture and creativity.
4. Designed better in China
You know you've truly arrived as an economy when local art, architecture and design move from functional to desirable:
The Brand New China Store, situated in Beijing, is a fashion and lifestyle store that focuses exclusively on Chinese designers. Selling clothes, accessories, furniture, home decor items and paintings at a wide variety of prices.
It's owned by Hong Huang, a major celebrity (media figure, blogger, television host and publisher) in China.
5.Chinese architect Wang Shu was awarded the 2012 Pritzker Architecture Prize in May 2012 in Beijing, the first Chinese architect to win the prize for work on the Chinese mainland.
5. Made better by China for all
Despite China's growing economic power, there are still hundreds of millions of Chinese with relatively modest incomes. And alongside this huge domestic market, there are billions of other emerging market consumers, making the rewards for Chinese brands which bring high quality, yet low cost products to market almost endless.
In December 2011, China Unicom unveiled the MI-ONE, featuring a 1.5GHz processor, a four inch display, and an 8 megapixel camera.
Designed to capitalise on the growing domestic demand for reasonably priced smartphones, the MI-ONE costs less than half what comparable smartphones from Apple or Samsung usually cost.
At the end of 2011, China's state owned JAC Motors announced an investment of $500 million in Brazil, the world's fourth-largest car market.
The company's first overseas factory is expected to produce 100,000 cars per year.
6. Made greener in China
With the Chinese government pushing the green agenda hard (for both reasons of economics and national pride), and both urban and rural populations mindful of increasingly visible environmental degradation, expect to see a steady stream of Chinese planet-saving innovations and initiatives:
The city of Shenzhen boasts a fleet of electric taxis. The fleet was supplied by Chinese automobile manufacturer BYD, and the pilot project has seen 50 electric taxis take to the streets. There are plans to add a further 250 vehicles to the fleet during 2012, as well as 200 electric buses.
At the end of 2011, China ENFI Engineering Corp completed work on the world's largest solar tracking station in Ningxia. The plant's solar tracking systems deliver a 25 per cent increase in capacity over traditional solar power stations.
CAclubindia
