"The only thing rising faster than China is the hype about China"

Interesting article here about how the rise of China's economy isn't all it's cracked up to be. An excerpt:

China has already paid a heavy price for the flaws of its political system and the corruption it has spawned. Its new leaders, though aware of the depth of the decay, are taking only modest steps to correct it. For the moment, China’s strong economic fundamentals and the boundless energy of its people have concealed and offset its poor governance, but they will carry China only so far. Someday soon, we will know whether such a flawed system can pass a stress test: a severe economic shock, political upheaval, a public health crisis, or an ecological catastrophe. China may be rising, but no one really knows whether it can fly.

A weak rule of law, vast inequality, poor health services ... does that sound like another historical Communist competitor to Western economies that eventually imploded? I think that a lot of those who are hoping for Chinese ascendance are a) US-bashers who want to bring Washington down a notch and/or b) starry-eyed socalist ideologues who are still holding on to that dream.

At best, I think China is going to resemble an overgrown Bulgaria. They will never eclipse any of the G8 economies, least of all America's.