The Daily Mail has a great recap of some points in a piece titled Why China is the REAL master of the universe.

Take off those pink tainted sunglasses and breathe that info in. Some excerpts:

The truth is that we are masters of the world no more.

The global power shift from the West to the East is no longer just a matter of debate confined to learned journals and newspaper columns – it is a reality that is beginning to have a huge impact on our daily lives.

…

The desperately weakened American dollar appears to be on the verge of losing its global dominance, in the same way as sterling lost it a lifetime ago.

The credit crunch has brought home to all of us in Britain how over-reliant our country has become on financial services. Meanwhile, the loss of our manufacturing industries to Asia continues unabated.

Last month, an Indian company, Tata, bought up what was once the cream of British manufacturing – Jaguar and Land Rover.

…

Napoleon III compared China to a sleeping giant and warned: “When China awakes, she will shake the world.”

After a long hibernation, China, and her 1.3 billion people – twice the population of the U.S. and EU combined – is awaking almost overnight.

And not just China. The world’s second most populous country, India, is industrialising at a historically unprecedented pace.

…

China is spending 35 times as much on crude oil as it did eight years ago, and 23 times as much on copper.

As it builds gleaming skyscrapers on its fields, China alone consumes half the world’s cement and a third of its steel.

What is happening is so extraordinary that economists have had to invent a new word for it – this is not an economic cycle, but a supercycle, a shift in the world economy of historic proportions.

There’s plenty of other interesting stuff in the article, I quite recommend reading it in full.