> China couldn't find its ass if it was handed to them.
I respectfully disagree, mate. China is going to dominate by stealth. They are gearing up their industries to do it.
I'll give you an example or two, though admittedly somewhat lo-tech. Here in NZ we get used as a "marketing target" -- we are a small country, easily measured and relatively representative. So we get to see their goods long before you do.
I have a new drill-press, made in China. It is bolt-hole-for-bolt-hole identical to the same model Ryobi. It runs dead-true, no wobble, no noise. It cost me NZ$99 -- less than half-price. You'd swear they used the same cast-iron molds as Ryobi: it is *that* identical. The table finish wasn't quite as good: the Ryobi's table is polished. But it was milled flat to within a thou's tolerance -- good enough for me.
I have a bench grinder, also made in China. Two stones, virtually identical to a similar model marketed by Black & Decker. I swear, you could swap the parts. Except the Chinese have used steel where B&D have used plastic. NZ$89 -- again, less than half-price.
Cordless drill. Made in China 1.44 amps. At least as good as any Ryobi. NZ&49 on sale. Came with a spare battery.
Laser level. NZ$100. Indistinguishable from its German counterpart, except for price.
Sure, they produce some cheap sh*t, just like Japan used to do. Remember the "Jap Crap" jokes? Sadly, the joke was on us back in the '70's and we didn't see it coming.
My wife has a music student, whose father lives in China, not far from HK. He runs a factory that manufactures PCs. They have built a small city around his factory. The workers live, eat, drink, sleep, and breathe within a stone's throw of his factory. Thousands of them. And they buy their groceries from the company store. And (so far) they are servicing only the domestic market. That will change someday, real soon.
No, mate. It is the West who will not be able to find our ass when its handed to us. These Chinese jokers are in the game and I suspect they intend to play for keeps.