Yep, the intent of the politically induced plan is to level the global playing field: which means the Chinese will be enjoying new found prosperity and driving around in cars while we in the Western world will be reduced to walking and riding bikes (like the Chinese had to do in Chairman Mao's utopian People's Republic).
Now if you live in China, that scenario is a very attractive one. But if you live in America or the Western world at large, it's not.
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