To those who think China works, please define "works". I have been to China many many times on business. There is rampant corruption, cronyism, widespread inefficiencies. If China "works", it could be way better.
I visited a factory in Guangxi province on one occasion. They have a production line where people were knitting, sleeping, or reading - not actually producing anything. I commented to my Hong Kong based colleague that if that factory were in the US it would be out of business in short order. I asked him how it was possible that that factory stayed in business. He told me it is able to stay in business because it is a joint venture with the government. Government subsidies made such inefficiencies possible.