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

China has overtaken Japan as the world's second-largest economy.

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."

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.