Study: China to become the global leader by 2030

(CNN) - China's economy will pass that of the United States to become the world's largest by 2030, according to a new report.

The National Intelligence Council's 140-page study also anticipates Asia will topple North America and Europe in total global power.

The report says China's future power will be based on population, military spending, and other factors.

The authors say China's booming economy will likely pass the US in less than 18 years.

They also say the economies of Europe, Japan, and Russia are likely to decline.

Copyright 2012 CNN. All rights reserved.