China is facing a process of creative destruction right now. The creativity potential is real. But the destruction is real too. And you can put emphasis on whichever you want.
Inequality is high in both countries, but China has done far more than India to raise life expectancy, expand general education and secure health care for its people. India has elite schools of varying degrees of excellence for the privileged, but among all Indians 7 or older, nearly one in every five males and one in every three females are illiterate. And most schools are of low quality; less than half the children can divide 20 by 5, even after four years of schooling.
The Chinese economy is now in a sweet spot and can stay in the sweet spot through the first half of 2013. Beijing will be happy to sustain the current policy stance.
I hope the next ten years will not be a time when people compete based on family wealth and connections; one’s ‘background’ will be mentioned less. I hope everyone will be able to achieve his/her dream as long as they are hardworking, smart, and dare to take risks. I hope people will have opportunities to work at jobs that they truly love, rather than for the love of money. I hope all these hopes are not daydreams, but achievable Chinese Dreams.
From the research we have done, the gap between our data and the real situation is narrowing.
It’s now more expensive to buy a Starbucks latte in China than it is in the U.S.