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(Bloomberg) — In 2016, when Donald Trump won the presidency, China’s gross domestic product was about 60% of that in the U.S. By 2020, as he lost it, China had caught up to 71%. The prospect of China claiming the top spot in the global economic rankings has moved from distant and uncertain to a near-term probability. That threat is likely to influence Joe Biden’s approach to China, with a new framework for the relations having the potential of substantially reshaping economies and markets around the world, according to Bloomberg Economics.

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