My friend.......you are overestimating the role of China in the future just like that J20 stealth aircraft that looks as big as Boeing 737.
First off China period of crazy growth at all costs is done. Your pollution is the worst in the world across all your cities.
Your labor costs are slowly getting higher that most parts of SE Asia.
Your competitive advantage in making low-tech products like refrigerators, TVs, cell-phones, furniture, appliances....all low tech products with low margin built on the backs of a whole generation of low wage slave labor children of peasant farmers is slowly vanishing. Your population is also aging fast.
Also there is one very important distinction to make between China and all the other leading developed economies of the world - In China the government is rich, but most of the people are still poor and don't have that much disposable income.
China is the only country that has this strange dynamic compared to other developed countries !!
The next generation Chinese will have to build high margin products that compete with the very best from Europe, North America, Japan, Korea, Taiwan and Brazil. Toyota's Lexus division still makes very nice cars, but BMW is still kicking their ass in the luxury performance automobile segment in the US. Your Geely cars may sell well in China but that doesn't mean that anyone outside China is going to buy a Geely.
And all those resource based economies like Australia and Indonesia and the Middle-East will find other emerging economies to replace China's waning appetite for raw materials. Australians are not going to go bankrupt because the Chinese stop buying their iron ore, timber or beef.
Again, friend, its not 1995. Its astounding how a post could be filled with this many outdated generalisations.
China produces much more than just low tech goods. There's a reason China enjoys huge trade surplus' with a majority of its trading partners. Its the largest trading nation in the world.
Power equipment, telecoms equipment, industrial machinery, cars, electronics etc etc. Even products assembled in the US will almost certainly have 1 or more Chinese components.
Luxury brands? Luxury brands may register larger profits than their low cost counterparts, but mass produce brands always enjoy the largest market share. For that very reason, cheaper american brands like GM sell more cars in China than European brand names like BMW or Mercedes. Samsung and the many, many Chinese brands attain higher smart phone sales no's than Apple in China for that same reason. Chinese brands like Huawei are attaining much higher sales figures in the developing world, where American products are too highly priced for the general populace.
And I'm not overestimating China's future, I'm giving you the realities of today. Almost every country in the Asia Pacific has China as its no.1 trading partner, save the Philipines and few other US dependent small territories like Guam or Hawai.
China's economy is still just as investment based as it is export based. We're the favorite investment destination of the western world. The reason being that returns in China in relation with its GDP growth are still much more than you'd get in the states europe or the rest of the developing world(BRICS). The US gov may posture and threaten, but American companies are still the no.1 investors in China, closely followed by the Europeans.
WRT wages, yes, Chinese wages are on the rise, but the average Chinese worker, whilst being every bit as skilled, still earns less than half of his American counterpart's wages.
Those rising wages have also seen China surpass the US as the number 1 market for many industries. American carmakers sell more cars here than they do on the continetal US. Smartphones, computers, household appliances, natural resources, the tourism sector, commercial jets, etc etc.
The middle class in China will be the biggest in the world by a big margin for the foreseeable future. The regional and global implications of that don't need explaining.
The bottom line being that China is and will be the dominant economic player in the Asia Pacific for a long time. Whether you believe that or not is something I can't help, but it doesn't make it any less true.
PS. This is massively OT. Start a thread on the economic dynamics of the Asia-Pacific and South Asia and Ikd be happy to continue this discussion. Tell us more about China's plan to blitzkreig Japan. LOL!