According to the IMF, China has now overtaken the US to become the world's largest economy.
Measuring GDP on a Purchasing Power Parity (PPP) basis China clocks in at $17.6 trillion as compared to $17.4 trillion for the US reports the Financial Times.
Of course, the US remains the "richer" country based on the more traditional measures, including GDP per capita.
But nevertheless the astronomic rise of China's economy has been an amazing story, and the IMF estimates that China's output could soon be 20 percent greater than that of the US.
To underscore the point, in 1980 China's output was just a tenth of the size of that of America.
Aussies will certainly be hoping that China's impressive rate of economic growth continues, since with every passing month our dependence on the China story is gathering pace.