While the United States is still struggling to recover from the Great Recession, China's economy is roaring ahead. 

The Chinese economy is growing nearly four times faster than the United States. Consequently, China has become a major player in the global economy, commanding the attention and respect of more countries.

Christine Romans talks with Stephen Leeb, author of "Red Alert: How China's Prosperity is Threatening America's Way of Life," and John Doggett, professor at the University of Texas-Austin, about why we're falling behind economically and what the U.S. needs to do to compete on the world stage.

Amid this week of financial turmoil in the United States, we have seen evidence of the growth and strength of China's economy. The country's first aircraft carrier began sea trials on Wednesday, and reports have been circulating that Chinese banks have signed leases on New York City landmark buildings such as the Empire State Building and One World Trade Center, the new skyscraper under construction at Ground Zero.

So, is China on the path to becoming the world's next superpower? Gordon Chang, columnist for Forbes.com, doesn't think so.

Chang talks with Christine Romans on American Morning today about why he thinks China's economy may actually be on the decline.