China, the current world's largest populated country is located in East of the Asian continent on a landmass of (9,596,961km) (3,705,407miles) that makes her the third world largest land area after Russia and Canada. China's current population is (1,427,647,786) in 2018 and running its economy at a GDP of US$12.24 Trillion in 2017. Comparatively, both the USA and China are highly competitive on the issue of the World economic hegemony position, particularly in view of the current Chinese economic progress. Many factors make a nation hegemonic power. With changes in international affairs, different factors are being fashioned as prerequisites for hegemonic power. Theoretically, a large growing economy, dominance in the technological sector and advanced military power, landmass, sovereignty, and large human resources. China is becoming relevant in most of these conditions. However, U.S. has been for a long time the single hegemon since World War II. The influence burgeons stronger particularly, after the Cold War and the fall of the Soviet Union that ended a multipolar world order. However, the research after analyzed other factors, found that America is still strongly relevant as hegemonic power. It is found there are challenges confronting the U.S. in maintaining the position while there are marked indications that China may become a world hegemon in the far future should upward trends in economic prospects persist. However, China's human rights records, her diplomatic relations with some Asian countries that are linked to the South China Sea issues, and her relationship with her extended states like Hong Kong, Taiwan, Tibet, Macao including the clampdown on the people of Xinjiang on the basis of their Islamic religious belief are serious concerns that must be addressed. China should devise scientific method to study, forecast, prevent and manage natural disaster and health issues of pandemic or epidemic context like SARS and Covid-19 that are disastrous to economic progress. The study is a library research. It sources data in secondary archives, government information, books, published journal articles, online materials, and a few other academic sources.