“The majority of Chinese still live like they did a hundred years ago. Out of 1.2 Billion, maybe 300 million live in the somewhat modern part of the country.”
All the more reason why they simply cannot compete with us except in labor costs. It is literally impossible to turn a large country around on a dime. Educating them in the ideas of capitalism and freedom, even if the government wanted to do that (and the ossified pricks in Peking surely DON’T want to do that), is pretty much impossible in a single generation. It takes more like 3, until everyone educated and raised in the old system literally dies (kind of like the Jewish slaves of Egypt had to die in the desert before everyone else entered Israel).