1/ Many should exercise more caution in predicting China's future. Those overly attribute short-term market opportunity for innovation ability. They also omit serious macro factors and structural concerns. It's a "treadmill to hell" and "Gravity will not be repealed."
2/ The conventional attitude towards China: invest in the promises of today but ignore the risk. Consumption, global trade, and technological innovation are the promises. Excessive debt, frothy markets, Ponzi-like financial structures, bureaucracy, and opacity are the risks.
3/ Software bends the cost-curve downwards, improving productivity and economic growth. @pmarca brilliantly noted to @karaswisher "slow" (no software) versus "fast" (with software) sectors. The US says "There are no more jobs!" But should be saying: "There are not enough jobs!"