China's growth has peaked. They have picked all the low hanging fruit, and in the last 6 years have binged on credit, over built everything and inflated one of the worlds greatest real estate bubbles. Their economy is a runaway freight train, mired in corruption and gross mismanagement. The world waits to see if they can engineer a soft landing, but it's increasingly looking shaky.
As for raising living standards in Asia, you must be referring to those poor parts of southeast asia. China lags behind the north of asia in terms of eduction, skills, technology and economic development and will be playing catch up with that region for at least a couple more decades. They have an interest in China rebalancing towards consumption and not the other way around. If China does rebalance that will be good for advanced manufacturers, Germany Japan, and S Korea but not so good for Australian commodities.
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