China has made it a national priority to provide better standard of living to their people then the West.
..With rising salaries, labor unrest, environmental devastation and intellectual property theft, China is no longer an attractive place..
How are these things bad ? China has their own class of capitalists now - they no longer need wall street to finance their projects.
China may have bumpy roadblocks - but at the scale they operate - financially, manpower and political will. It sort of doesn't matter. Its like a elephant worrying about what an ant thinks.
Any issue that china faces - they seem to figure out how to overcome it. In the EU we cannot even figure out how to get our currency right - even though modern finance started here. China made all the right decisions when it comes to Keynesian economics.
And sure they have a lot of debt - but the losers are the banks who are lending them money. Who is going to knock on China's door to ask for their money back ?
China can afford to waste 1 million of their own engineers to just beat Airbus. That is the scale at which they operate. Just like how Stalin was able to screw up so many times.
I have meet a lot of Chinese students - and if they were good at English and didn't grew up with the great firewall. Silicon Valley wouldn't prolly exist. Software is the only industry where I have seen American and Indian be better than the Chinese - but its a very anecdotal observation.
You do not have to do a lot of analysis - just listen to a few episodes of Dan Carlin's hardcore history.
For most of history China dominated economically and technologically. Just because Europeans had better war technology ( due to the fact that europeans were do divided ) were we able to dominate for a few hundred years.
We are going back to what normal looks like.
Edit:
I am not some chinese shill, my personal opinion is china should be punished for crushing other countries through unfair trade practices.
The free market doesn't work if there are companies that have the backing of a state with 1.3 billion people !
China would probably dominate even without the massive financial backing of their state banks. But the aggressive nature of their expansion is worrying.
American's are still protected - you should ask the peripheral countries about the effect of the rise of China to their economies ( Vietnam, etc ) why do you think Obama is trying to push the TPP ?
China also worries me because they are showing that democracy doesn't matter, when it comes to wealth creation.