The emergence of China as an economic superpower

The Group of Seven (G-7) including the United States, Japan, Germany, France, British, Italy and Canada, was regarded as most important economies in the world.

The Group of Two is the United States and China.

"The most important global economic relationship is the United States and China, the G-2,'' says Straszheim, vice chairman of Newport Beach, California-based Roth Capital Partners.

Indeed, both the U.S. and China rely on each other more than they would like to admit. China needs U.S. consumers to keep consuming, while the U.S. needs China to hold down costs of goods and services.

So, U.S. + China = G-2, the new concept of the world economy.