Bullets:

• Western media outlets, Wall Street, and Silicon Valley are belatedly coming to the same conclusion: years of falling asset prices and cost of living has made China the most competitive economy in the world.

• Our top government officials, industry leaders, and columnists were predicting a collapse in China, because they completely misunderstood the long-term policy implications of falling costs across a modern economy.

• China was the only major economy to see long-term deflation in recent years, and the costs of housing, commercial rent, food, electricity, travel, and education were pushed lower because of soaring industrial productivity and efficiency gains.

• Now China is reaping the benefits of building a ruthlessly cost-competitive economy that dominates in most areas of manufacturing, raw materials sourcing, high technology, logistics, education, and health.