The biggest event of our time is the re-emergence of China, which within five years is set to become the world’s largest economy in purchasing power parity terms.

Given the enormity of this event, it is strange that two parallel narratives – a western and an eastern one – are emerging to describe it. The western narrative concedes that China’s economy has grown. However, it couples this concession with constant observations that the story is too good to be true. In one way or another, the Chinese economy is bound to sputter and possibly even collapse in the years to come.

Many different causes could trigger this collapse. A slowdown in the global economy could kill the Chinese export-driven growth model. Alternatively, major social unrest, with 40,000 demonstrations each year, could bring this great growth story to an end. The current focus, however, is on the purported fragility of the Chinese political system.