I'm sceptical that the world is going to be dominated by China. A book was published this summer by Martin Jacques with the over-reachingly grandiose title 'When China Rules the World: The Rise of the Middle Kingdom and the End of the Western World'. I can't be bothered to read it as I it smells rather like the Webbs' 'Soviet Communism: A New Civilisation' and those boosterish books on Japan from the 1980s.
Jacques used to edit Marxism Today and I believe it may be a case of one form of implausible belief about 'Western capitalism' being replaced by another. (The book's thesis is rebutted here by Ian Buruma and its many errors and misunderstandings are most comprehensively enumerated here by Jonathan Mirsky; their understanding of China is far more detailed, concrete and sceptical).
The reason I mention this today is that George Magnus wrote a sensible and cautious piece on China's prospects in yesterday's Times. It should help take the wind out of the sails of some of those over-excited China projectors (including John Gray - the more he strays from philosophy into economics and economic history, the less plausible he becomes).