China is trying to be less dependent on the market of US, but they are still very heavily dependent on our consumption. I am not sure how long it will take for them to split from us, but at least not now. In addition, the term “cheap labor” is less and less of a selling point in China, meaning that they will become less and less competitive in terms of exporting goods to other countries. Don’t forget, poverty in the majority of China is overwhelming and it cannot be resolved overnight. Legal system is still a mess compared to the US and other developed country. Yes, we are having a financial problem but we will be able to recover soon. For China, with all these fundamental issues I mentioned exist, they may not be able to recover soon or at all if there is one coming from us. I feel that the rapid economic growth in China is a superficial phenomenon and there are lots of underlying problems need repaired before this country can be a super nation in terms of economy.
