Most still view the United States as the world's leading economic power, despite challenges from China and other emerging economies that threaten the long-held reputation.

A Pew Research study that polled 38 nations found a median of 42 percent say the U.S. is the leading economy, compared to 32 percent that named China.

But China, the study found, is closing the global perception gap with the U.S.

Global perception of relative U.S. economic power has decreased in the eyes of some of the country's key trading partners and allies over the past year, according to the findings, released Thursday. Seven of the 10 European Union nations surveyed in the study, including Spain, France and Germany, named China as the leading economic power. Global publics in Russia, Australia and Canada also considered China to lead the U.S. in terms of economic dominance.

The U.S. still has the upper hand in Latin America, Asia and sub-Saharan Africa, where most of the surveyed countries tended to view the country as the world's top economic leader. And more than half of Americans also picked the U.S. over China.

South Korea, the study found, is most likely to say the U.S. is the leading economic power. Conversely, Australia is the country most convinced that China is the world's leading economic power, with 58 percent of Australians holding the view.

When it comes to China's global image, a median of 47 percent of those surveyed have a favorable view of the country. The highest favorability ratings can be found in sub-Saharan Africa, where the Asian country has invested in trade-related infrastructure projects.

Meanwhile, many believe the country leaves something to be desired when it comes to civil liberties.

A median of 58 percent of those polled believe that the Chinese government does not respect the personal freedoms of its citizens. A brave few – including Nobel Peace Prize winner Liu Xiaobo – have fought for this to change.

Xiaobo was arrested in 2008 for co-authoring a pro-democracy charter calling for more rights for Chinese people. He died Thursday of liver cancer at the age of 61.