You wrote a lot but of little substance indeed!
"Please take a look at their employment data over the past two to three years."
For the more accurate statistics check following:
Alternate Unemployment Charts - John William's Shadow Government Statistics
http://www.shadowstats.com/alternate_data/unemployment-charts
U.S. National Debt Clock : Real Time
http://www.usdebtclock.org/
"Debt-to-GDP ratio" --> who they owe the debt to? Domestic? Foreign parties? What the debt is spent for? For something productive, or wasted on the over 50-million "welfare depends" of EBT/SNAP class? How about the availability of the infrastructure and its condition? Public utilities? The Chinese debt are owing to themselves. For the developments of infrastructure and public utilities you may read around PDF.
Talking about GDP, just beware of the GDP fallacies!
"Transactions reflecting both
wealth creation and also
economically destructive state spending are
included in GDP without differentiation. Far from the government component of GDP being singled out from the total, it is often welcomed as contributing to economic growth. Macroeconomists, with an eye on the statistical impact of cuts in government spending, discourage governments from making them. The lack of distinction between wealth-creation and wealth-destruction is fundamental to their belief that state intervention is beneficial."
In short what does it imply? Even having a huge military spending waging wars everywhere will add up to the GDP number
this is the miracle of the all inclusive and elastic GDP yardstick. Another example: UK started to include the grey sectors of prostitution and gambling businesses to jack up its GDP number as of 2014.
Read more here:
Robert P. Murphy, Pitfalls in GDP Accounting | Library of Economics and Liberty
http://www.econlib.org/library/Columns/y2016/Murphygdp.html#
How GDP Metrics Distort Our View of the Economy | Mises Institute
https://mises.org/library/how-gdp-metrics-distort-our-view-economy
The Fallacies Of GDP | ZeroHedge
http://www.zerohedge.com/news/2015-06-13/fallacies-gdp
"The primary difference between these two nations is their per capita incomes. Isn't it enough for USA to spring back to the center stage supported by its job creation ?"
Per capita-wise of course China (as well as India as solely two nations on earth ever exceeding 1,000,000,000 people benchmark... and in reality they have 1,385 mio and 1,335 mio respectively -
http://www.geohive.com/earth/population_now.aspx ) will be lower than the USA (with 325 mio). The USA has less than 1/4 of their populations... they simply have much different population scales. However, what wealth the state (gov) has/keep differs much among them... state-wise China is holding the most surplus while as USA has the deficits.
"Countries like Iran, Russia, Venezuela etc can forge bilateral trade deals to export oils with big economies like China, India and the EU. But which currency will they use other than USD ?"
So did you mean China pay in USD to their oil exports? When the USA is using the SWIFT mechanism as a tool to attack those countries
LOL
"No. So best bet is the USD is an irreplaceable asset until a strong, alternate currency emerges. That currency is not going to be Yuan as it is weaker than the dollar. People only prefer alternatives that are better."
Individuals, corporations may prefer strong currency; but nations (states/govts) of world exporters do not. Not just China, just take a look at Germany, Japan, South Korea too.
Nope, China does not want its yuan to replace dollar as the WRC. The next exchange medium will evolve over time, it's unclear at present, perhaps IMF SDR comes into play.
"It is called democracy where people have basic rights like freedom of expression, freedom to speech etc."
Nope! The USA has
corpotocracy vis-à-vis China has the
one-party system.
Watch: A tale of two political systems:
The much hyped ideological concepts of democracy, freedom of expression, freedom to speech alone etc neither feed the people nor make society prosper and have better lives... you can witness your own country as "the largest democratic nation" on earth.... what is the good of all the hypes??
On the contrary, the basic rights of people are the fulfilment of the basic life necessities (food, clothes, housing) incl. access to toilets, clean water, electricity; free from poverty; access to education and healthcare and further opportunities for better standard of living, security and safety, and prosperous and harmonious society and so on! Needless to say the huge efforts to uplift the livelihood of around 1.4 billion people are taking gigantic, unprecedented real hard works, the true deeds instead of empty words!
Not relevant at all that people can vote, can express, can speech... if they remain poor and backward and uneducated, then all the so-called "individual freedom" becomes useless, irrelevant... it's indeed very inhuman, against the essential human rights to remain POOR and UNEDUCATEDLY STUPID. Then all those ideological hypes become useless.... that's why the factual reality of the society, of the nation in aggregate is much more important than all the conceptual ideological matters.
Think using one's own cognitive power, logic and rationality, do not just parrot or swallow the propaganda of the mainstream media (MSM). Otherwise, no wonder why a nation remains poor and stays in backwardness!