Someone else mentioned inflation. This is what I said to my wife recently on a trip to see her family in China.
Everyone is as complaining about inflation. Inflation has gone crazy for over a decade, but since I first went there average wages in China have gone up by about 8x. The thing is they can't have high wages without High inflation. If wages go up then the workers in the factory making stuff get paid more, the truck driver that takes the goods to the shop is paid more, the shop assistants get paid more, the shop owner pays more rent. Therefore they have to charge more for their goods. But this is not a bad thing.
Meanwhile the exchange rate has made foreign goods twice as expensive. But if wages are up 8x then those foreign goods are actualy 4x more affordable. Hence all the foreign cars. It's all just the Chinese economy converging on global norms. When I first went, cars were an impossible luxury for most Chinese and in my wife's city the streets were bare except for taxis, busses and bicycles. Now there are traffic jams everywhere.
The problem is China has already almost reached international norms. The disparity that has allowed it to grow so fast is almost equalised. Factory wages are increasing because most of the untapped rural labour has been tapped. Within 10 years Chinese will be much better off, but China will have all the same problems every other advanced economy has and its economic miracle will have played out.
EDIT: Wolfram says bigger multiples than I thought. Wow, things change fast.