If you ask Chinese academics whether China has a role model, a surprising number point to the US. That country is the only one – leaving aside Russia – with the continental scale and oceans of ambition to match China's own. Even culturally, there are superficial similarities. Viewed from Japan, with an etiquette-laced culture that values craft above commerce, China looks like an American-style can-do nation where money is king.

But recent events have knocked China's confidence in – even respect for – its mentor. After years of preaching the virtues of the free market to Beijing, Washington has created a raft of state-owned enterprises (SOEs) from the wreckage of Wall Street. Its once mighty car industry, with brands every Chinese person once aspired to own, has been reduced to knocking on the door of politicians, begging bowl in hand. The next thing you know, Washington will be working on a five-year plan.

Of course, politically, the US's reputation has been temporarily salvaged by Barack Obama. His victory is seen in China as evidence of the extraordinary flexibility of US democracy, surprising those who thought Americans would never pick a black president.