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The biggest single thing China needs to do is build an emergent middle class and domestic consumption, and the best way to do that is through pension and health-care reform, and currency reform to establish purchasing power among its citizens.
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Never, ever cheat, especially yourself, even if you are absolutely, positively sure that you can get away with it.
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It doesn't matter to me who's the most powerful or profitable country in the world. All countries want to be prosperous. What's happening is a zero-sum game between China and the U.S., where their gain is our loss.
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Foreigners will eventually own so much of America that there will be nothing left to trade.