Updated 2015-08-03
By Jack Linshi 丨Time Magazine

On a typical summer afternoon in China, any number of people could be using Xiaomi smartphones to buy Haier air conditioners on Alibaba.com, all while connected to a high-speed Huawei network.

For the Chinese, argues business consultant Edward Tse, this is revolutionary: after decades of state capitalism, they finally have a booming private sector- one that’s increasingly making waves beyond China. The record-setting Alibaba IPO was just Step 1.

And although recent market turmoil has taken a toll, Western companies should pay close attention. After all, Tse writes, China may well be entering a golden age not unlike the Tang dynasty – when, over a millennium age, the nation’s inventors changed the world with compasses, gun-powder, printing andpapermaking.