The aim of this work is to trace the growth and decline of US hegemony in the world from World War II onwards. At the same time, using practically the same time frame, a quick overview of the Chinese economy of Mao-Tsé Tung is drawn with emphasis on the reforms of Deng-Xiao Ping. After these historical reviews, a statistical analysis of Sino-American foreign trade is made to support the final discussion on China being a competitor to North American hegemony today.