The latest sign that the Chinese juggernaut is poised to supplant the U.S. as the world's economic hegemon? Bud Light (soon to be owned by Belgians, but still a U.S. brand) has been replaced by "Snow Beer," a joint venture between London-based SABMiller and China Resources Enterprise, as the world's most-consumed beer brand. WSJ:

"I can confirm that the Chinese brand Snow is now the largest beer brand in the world," says Kevin Baker, account director for alcoholic beverages at the U.K.-based market-research firm Canadean Ltd. About 51.2 million hectoliters, or about 1.35 billion gallons, of Snow were consumed last year, compared with 48.4 million for Bud Light as a stand-alone brand, the firm says.

Another research firm in the U.K., Plato Logic, says Bud Light remained the top brand in 2007, with 51.8 million hectoliters consumed to Snow's 51.2 million. But that slim lead faces a challenge: China Resources said last week that the Snow brand's sales volume jumped 22% in the first half of this year compared with a year earlier, putting it on pace to unseat Bud Light, which is consumed mostly in the slower-growing U.S. market.

But don't despair. If you consider Budweiser and Bud Light as two parts of the same brand, then Bud still retains the title by a comfortable margin.

China's beer market has been the world's largest for the last six years and is growing at a staggering 10% annually. Despite its huge size, however, the market is not nearly as profitable as its U.S. and European counterparts. In China, beer companies make $2 on each hectoliter of beer sold, compared to between $50 and $80 in the West.