That's by PPP[0]. The CEBR report is stating that China's economy will be bigger than the U.S. in absolute terms (PPP is a relative measure, look it up) by 2032

That's by PPP[0]. The CEBR report is stating that China's economy will be bigger than the U.S. in absolute terms (PPP is a relative measure, look it up) by 2032. That means that population size notwithstanding China could choose to outspend the U.S. dollar-for-dollar on its military or space budget or infrastructure or whatever. You get the idea – the implication is that over times economic might should shift the balance of global power. [0] https://en.wikipedia.org/wiki/Purchasing_power_parity https://en.wikipedia.org/wiki/Purchasing_power_parity