Some people are (or will be soon) up to a very rude awakening.  I will not say that Chinese economy is on the verge of collapse, but it sure ain't as healthy as it was a few years ago.

Years of economic growth at a 10 % or more per year rate are gone.  China had to recognize that their policy to devalue its currency to have more favorable terms to compete has been denounced enough that many countries are forcing a change, which has seen the renmembi increase in value to some extend, and that has caused many drops on exports, and the cancelation of plans to set up many factories in China, since wages are going up.  We even see Chinese factories going to neighbors like Vietnam and India.  The real estate market is in serious problems, and many wonder if investments in public works by the central government will be enough to allow the economy to survive.  Coupled with this, fiscal problems in Europe are hurting badly Chinese exports, one of their main market.

And on top, as many more countryside persons move to cities to work on factories, less agricultural products will be available for internal consumption, forcing an increase in imports to be able to feed the population, and even worsening their cooling down economy.

Add to that that at least, 50 % of the students who travel abroad for graduate or post graduate studies do not return to China.  Some do claim this figure is as high as 70 %, who knows if true ?.  A brain drain will not help China to develop properly.  And continue with dishonestly in business deals, poor quality standards, corruption at all levels, and many other well known "problems", do not really spell a rosy picture for China's near future.

As I see it, it is still not too late.  It will require, do, a total;ly new approach, forgetting many old ideas and concepts, and embracing modern techniques already proven elsewhere.

And the big question is, or will be, will they be willing to make the required adjustments in order to survive and really emerge as a world power, or is it just a bunch or wet dreams ?

Only time will tell.  Until them, many dreams will become nightmares pretty soon.

And for trollers.  I am not attacking China or the Chinese system.  I am just exposing the need for China to realize that for a business transaction to become a real good deal, all must get something out of it.  Do not think and act as you are the smartest kid on your block, because you are not.

And down votes do not bother me, just have your fun if you wish.  I have never tried to cover the sun with one finger..........

When the debt of smaller cities collapses and more manufacturing leaves for Vietnam and Myanmar...bye bye to this place. 

Best, almost entirely erudite, answer I think we're going to get. Good one, Happy.

Some figures still apply: The EU is still the world's largest economy, the USA is still second. Neither is likely to change any time in the next week, even if Greece leaves the Eurozone in June. Chinese exports will continue to fall, thereby stalling the growth some Chinese I speak to seem to think is eternal.

Here are the gaps (by GDP):

 European Union
&1757769100000017,577,691[5]

1
 United States
&1509402500000015,094,025

2
 China
&72981470000007,298,147n2