The US will remain richer than China for the next 50 years or more, despite expectations that the Asian economy will overtake the US and become the world's largest, CNBC reported.

According to Simon Baptist, chief economist at the Economist Intelligence Unit, it is very unlikely that China will reach the level of GDP per capita like the United States.

GDP measures the per capita output of an economy and is a common measure of welfare.

According to the latest data from the International Monetary Fund, China's GDP per capita in 2020 was projected at $ 10,582.10, about six times less than the US $ 63,051.40.

At his first official press conference, President Joe Biden said that he would not allow China to become the leading country in the world.

As Baptist noted, China will become a very big power along with the United States on the world stage.

According to Baptist, the US economy will eventually get smaller just because China's population is so much larger.