A third of China's population are still farmers -- compared to the US's low single digits. It's per capita GDP is somewhere around Peru's and Iraq's. While this has been rapidly changing, it is yet to be seen how much of China's rapid growth the last couple of years is propped up by government malinvestment (ghost cities, etc.). We've seen high growth rates in many countries throughout history. The question is whether this is sustainable, and how much of the low-hanging fruit of growth China has already used up.