Just as most everybody has come to agree that China is the rising global power—with an economy that shortly will supersede that of the United States, a model of state capitalism preferred by many Third World nations over democratic capitalism, colonization of parts of Africa and Latin America and increasing influence among its neighbors—the world’s largest emerging power is already plateauing. While China weathered the financial crisis that has bedeviled the West since 2008, it faces serious challenges of its own. If major trends continue to unfold, those who wrote that we are about to enter a Chinese century will soon discover that it ended before it started.
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