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China's powerhouse economy: Will it eventually be No. 1?

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Fast-growing China is now the world's second-largest economy, as measured by gross domestic product.

It's an important milestone, but don't make too much of it. As MarketWatch reminds us: "It's one of those fun milestones that politicians and the media love to make a big deal out, but that actually mean very little. Nothing has changed: China is still desperately poor but growing fast. Japan is rich, but relatively stagnant."

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Economists say that if present trends continue, China's economy would be larger than America's by 2030. That's a big "if," however. The long-term stability of a semi-capitalist state run by an authoritarian Communist Party is unclear.

Do you think China's economy is well-positioned for future growth, or must bigger changes occur for it to become the world's No. 1 economy?

Share your thoughts below.