I don't think China's PER capita GDP will reach $60,000. Because when China's economy overtakes America's, GDP is no longer measured in dollars. The dollar will lose its status as an international currency. China is already the world's largest trading nation. If China's GDP were twice what it is now. In nominal terms, China's PER capita GDP will still be $20,000, but China's total GDP will reach $35 trillion. That's almost 40 percent of the world. By then, China was supplying almost 70% of the world's products, including chips. Why would anyone use dollars and pay taxes to the US if China agreed that any country could buy whatever it wanted?
To put it another way, the yuan is now worth less than half what it really is. It is hard for Americans to understand that the true cost of the products they buy made in China is only 5 to 10 percent, and that the Chinese buy the same things for only 20 percent of what they pay in the US. When China can make everything independently and no longer rely on US technology and no longer worry about US sanctions, China will no longer hold down the value of the yuan. By then, you can see that China's GDP is actually more than 5 times that of the US.
