http://www.cnbc.com/id/44007044

The notion that China is going to replace the United States as sole superpower is possibly the greatest myth of our time.

China lacks superpower qualities, and hasn’t discovered any in its mad dash into capitalism.

China may post impressive, bottom-line numbers, but key numbers are regularly omitted when touting China’s economic rise. In 2010, the IMF ranked China 94th in terms of GDP per capita, with $7,519. It ranked the United States 7th, with $47,284. Even the most vocal proponent of China’s impending hegemony, Martin Jacques, author of "When China Rules the World", concedes that roughly 60 percent of exports in China come from foreign companies. Foreign companies are responsible for 85 percent of all high-tech exports.

Nearly two thirds of China’s populace can be classified as peasants, and, by its own calculation, the Asian nation has the sharpest rich-poor divide in the world, a situation the Chinese themselves are deeply unhappy with.


Eightfish | Getty Images

There are literally tens of thousands of “mass incidents” each year in China, such as demonstrations and strikes. Such incidents regularly involve thousands of angry civilians and hundreds of armed police. According to China’s Ministry of Public Security, there were 87,000 such incidents in 2005, up from 74,000 in 2004.  MORE>>>

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