"Over the past generation the Chinese system (socialiism with Chinese Characteristics) has ourgrown western capitalism by at least a factorof 2 so why should China wish to decline into US style capitalism?"
I would say that socialism with Chinese Characteristic (a form of dirigisme raised and operating in the context of a phenomenon called globalization, a process made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies) has brought a lot of economic growth and prosperity to China, and that as long such system keeps on delivering no reform and political freedom would be demanded by the Chinese people..
"On the contrary, unless the US pulls out a finger in the next decade, it will have to emulate China"
In my opinion not necessarily so as there are other forms of dirigisme available, however I agree that NEOLIBERALISM, which reinforced globalization and the primacy of the individual enterprise over the interests of the collective seems to be in a state of great crisis as seen by the resurgence of anti-democratic right-wing political discourse at least in America and Europe.
