China has a lot of problems but relatively performs much better, because Chinese people works hard, producing such amounts of goods with such low compensations! In terms of physical GDP, China is more than the sum of US, Japan, and Germany. If China lets common people consume more products rather than export to exchange the paper money that is used to buy the bonds or treasurys, then China could do much better! No reform or using reform as execuse to exploid common Chinese deserving estate!