What would be the effects of parity between the US economy and that of China?

Question

http://www.studentsoftheworld.info/infop...

The link above shows the USA's economy was amost 6 times larger than China's in 2005 and almost 3 times larger than the 2nd largest economy in the world.
What effects would we see if China's economy grows to match that of the USA?
Would we see the elimination of poverty worldwide, or would poor nations suffer more? Would the U.S. prosper or lose wealth?
What do you see as an outcome?

Answer 1

That situation won't hurt the U.S. economically. -- Americans and their economy will prosper or not, based on their own domestic activities and continued growth in productivity. Just as people in the U.K. are far wealthier and far better off now than they were 150 years ago, when the British Empire ruled the seas

But what's tricky is, by the time China's aggregate economy catches up to the U.S. 40 or 60 years from now (if it ever does -- it may not), China will be suffering massive demographic problems -- with an aged population, few young people, and probably a declining population. If there are successful Chinese companies then, they may have to outsource factories to the U.S. just to find any working-age labor.