On the one hand, I have no problem with China's economic nationalism, a variation of statist policies operating under a model of global economic integration and global support for international organizations from the World Trade Organization to the World Bank and IMF, and aggressive pursuit of markets (for raw materials and sale of finished and semi-finished products). At the same time, however, a domestic labor market that remains just a step above Southeast Asia and a couple of steps above sub-Sahara Africa.
What good is it that China has magnificent buildings and that it will soon replace the US as the world's hegemonic economy, if it has massive labor exploitation, that it still has the world's largest peasant population and that a large percentage of its people are living under impoverished conditions in rural areas and especially away from the coastal region and the northeast?
I am not bothered that China is pursuing economic nationalism, including keeping the value of its currency artificially low, for that is in its own interest. Nor is it a problem as far as I am concerned that China is a one-party state - for we have seen that multiparty regimes are hardly the solution to social justice. However, if the Communist regime regime were benevolent toward the laboring classes and committed to social justice, and if it had made adjustments to trickle down the wealth that the country is amassing, instead of using it to buy US and European bonds, then China would have been a model worthy of praise.
Although the Communist party has been making periodic announcements to address social justice through more equitable income distribution, social security measures, education, labor rights, etc., progress along those lines has been very slow. Ten years ago, Chinese officials admitted that the Gini coefficient that measures inequality was at the dangerous level. That coefficient has improved in the past decade, but the country remains at 'Third World levels', a point that Chinese officials make and justify in the name of development. How long will the inexhaustible tolerance of Chinese workers last before we begin to see social protests for improvements in social justice remains to be seen.