The vast majority of Cars and Trucks are NOT made in China nor are the parts.
The vast majority of computer software is NOT made (or coded) in China (although they like to copy it for free).
The vast majority of all oil and petroleum products are made from crude oil that Doesn't come from China.
Most food does not come from China.
China Makes MOSTLY plastic junk you get in target or Walmart. They are starting to manufacture (not really design) computers and electronics but I don't think they make as much as Japan, Korea, Taiwan, Latin America, etc...
China IS growing like crazy though. I think the real question of your post should be:
What things are still made in North America or Europe?
China is only one of many 3rd world countries that want to participate in capitalism like the rest. The problem with China is that they have a very strong and authoritarian central government which is unlike Europe and North America had during their boom times. Any kind of union movement or labor unrest can be quashed by the police.
As far how an economy can exist on IP only... I don't know at all.. I don't think it has ever been tried so this is the first time. Maybe it will work out.
JTA
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