I'm not an elite by any means, so I may think differently in this topic.
It is fair to think the possibility that China may surpass US in total GDP, given current growth rate for both countries respectively.
After all, even with a GDP as huge as US, we have four times the population.
That means, per capita GDP will still one fourth of United States by that time. So the total GDP is more or less a delusion.
Moreover, GDP doesn't mean too much, GNP respresents a country's citizen's real income and perhaps the quality of life(subject to adjustment of purchasing power), if GDPs are largely created by foreign companies, we still have a long way to go then.
Moreover, what China really needs now, isn't comparing GDP with any other country. Instead, we should pay more attention to the distribution side. Let everyone has its own share of the Chinese economic growth.
An economic growth should benefit more people. An economic growth should be more balanced. The increased government tax money from economic growth should be spent on areas which could bring us sustainabilities in the future.
Now, as a common practice, I would switch to China-India comparison moment.
Personally, I have made a lot of indian friends in graduate school. They are fairly smart, westernized and really easygoing nice ppl in general. I've never been to India, but my Indian friends treat me with South Indian food, and India-Chinese fusion food(i really prefer either Chinese/Indian food to any such fusion though), they also told me the stories how diversified the languages/cultures are in India. It is simply appalling for me to link a fast growing, yet still poor country to my Indian friends. They are way more Western-oriented than me.
That expereince brings me to another point. Indian's superior language skill and cultural adaptation skill actually create more brain drain in India.
India has well-established higher institution taught in English and nurtured masterminds like devlopment economist Amartya Sen and other top-class talents in virtually every area. To be honest, I found though Indian students # are on par and sometimes less than Chinese, their placements, either in academia or industry, is far better than Chinese students. But when you take a look at Indian higher institutions, even pick up their creme-de-la-creme, like IIMs or IITs, their faculty/facilities are much worse than China, the super competitive graduates of IITs & IIMs, is because of these folks are super competitive themselves, I would assume even you put them in a prison for 3-4 years, they would still succeed, as long as it is well-guarded system filled with their peers and keep telling them, excelling in academics, good life awaits then. The system handpick best students, give them free undergraduate education and send to US. The situation in China is somewhat different, admittedly, top schools in China show similar patterns like IITs. but as Chinese are far less adaptable both language-wise and culturally than Indian, it is natural much more Chinese students return to China compare to Indian going back to China. My observations is quite like that.
I wouldn't argue that my Indian friends are not patriotic. It simply would be unreasonable for people to take risks when they can enjoy a better quality of life immediately. It also be hypocrite to assume Chinese are more patriotic, they go back because they can't adapt as well as Indians.
This isn't anybody's fault. Of course, I know there are Indian go back to pursue great opportunities in booming economy. But my point is still there. Indian has a greater brain drain. Non-resident Indians may indeed be great wealth for India, as many of them, i.e. Fareed Zakaria, has played pivotal role in major powers' foreign policy formulation process. They'll tender to present India in a more favorable stance while most of China watchers, China studies expers are dominantly non-Chinese, Chinese-origin people are mostly working in East Asian dept, researching Chinese literature and culture while Indian elite are actually shaping US South Asian policies
This pretty long and dry argument may bore some of you folks, regardless of your nationalities. With all due respect, I'm sorry for writing too much. To summarize, I would think this is a story about things always have its pros and cons, there may be universal value, there would never be a one-side truth.
I respect India and Pakistan. After all, they are the same people who created great Indian culture, only divided and separated after the end of British Raj. I have great experience when driving in the night and buy a snicker from a Pakistani gas station store owner, and greeted solely because I'm Chinese. I also cherish the friendship I've made with my Indian friends, their patience to help me get to know the whole process of an arranged marriage. (i'm super jealous as i would rather let my family to arrange one pretty girl for me than trying to put my efforts to date one, lol)
Some of my countrymen always forget we were in the same shoe Indian people now are. Admittedly, democracy won't automatically creates jobs, brings growth or lay out infrastructure well. But at least, democracy helps eliminate a lot of uncertainties in the process of growth, especially in the cases of China and India, which are on the express growth track now.
I wish India success, and our Pak friends success too. We're indeed military fans, but it also holds true, war is always a bad option. A 1962 war can have aftermath in people's mind even today, and some hostility and hatred remain even time lapse. That's not a wise option for human being.
If I could blatantly make a suggestion as my final remark. I would recommend people of all three countries to think about what type of synergies could created economically. It sounds a little bit childish for me when some Indians crying cheap chinese stuff while his/her iphone/laptop/daily consumption may be distinctively marked with assembled/made in China and while some Chinese bashed Indians like a poor country/less-educated, but in real world, lots of Indians speak better English and hold stellar positions in multinational firms.
China will never overtake the US as long as u can't decide your own government, can't pick and choose the information u receive and get squashed into puree by PLA tanks for having a voice 
