To understand how far China has gone you have to visit them. Lack of democracy bothers not many poor over there, because they see tremendous growth and they know their turn will come within the next decade.
While China does lack democracy and people's voice is muzzled, I don't believe that the transition, when (not if) it happens, will not bring down the Chinese state. Skills, infrastructure once built tend to sustain an economy irrespective of minor blips.
I am not saying India will not do well, but, it won't _beat_ china. We have missed that bus.
