The masses of Asia are still poorer than dirt. There is a new middle class industrializing its coastlines, who have about reached the standard of living Americans enjoyed about 80 years ago.
In an ordinary non-recession year, the US adds new income - wealth per unit time indefinitely - of $400-500 billion in real terms, and twice that in nominal terms (before adjusting for price changes). China adds less than $300 billion. The absolute gap is still widening - their faster percentage rate is on a much lower base. Then they get to spread that new income over 3 times as many people...
The only way anyone can speak of anyone in Asia catching up is by heroically projecting exponential growth at unchanged rates generations into the future, which there is no particular reason to believe. They are freeing themselves from absolute poverty. That's the most that can be said.
Quite right — only by 2050 would the two big nations of China and India bring the majority of their population out of poverty.