IMO the mistake that Chinese watchers often make is to assume that the Chinese economy cam be measured by the same metrics as that of the USA.
IMO that may be misleading because the Chinese political economy is different to that of the USA: - US is an open democracy .....China is a one party system -US is a market economy with regulatory limits .... China is basically a command economy -US has traditional financial system......China has a highly/central regulated system.
Of course if the Chinese system out does that of the USA in say over the next decades then economic threorists will have to revise economic theory and the assumptions on which it is based.
Recently there has been a revisit of Marxist economic theory (Richard deWolff ....Democracy at work etc) and perhaps, if China succeeds, there will need to be some form of synthesis between conventional economic theory and that of Marxism .
