The particular argument and graph that as a % of global GDP, Europe and the US have been diminishing while China has been growing does sound a bit shortsighted.

The particular argument and graph that as a % of global GDP, Europe and the US have been diminishing while China has been growing does sound a bit shortsighted... after all, if China is joining the developed world, that's EXACTLY how the graph should like. A much more informative graph would map relative growth versus countries that didn't "join the club" (say, Norway, Switzerland or others). I'm not British, and I'm not sure whether I'd vote for or against if I were, but it's interesting.