Promise, potential, performance

He maintains, however, that his book was a timely counterpoint to all the books that presented a too-optimistic view of China.

"I recently counted the number of books on my own bookshelf with 'China' and 'rise' in their titles and I have about 25."

He says China still has major challenges if it wants to dominate the century and, in particular, with so-called soft power with few countries in the world wanting to emulate or be like China.

"My findings about China's continuing difficulties in gaining soft power abroad continue, and China's continued ambivalence about global governance are also very apparent," he says.

Kerry Brown, executive director of the China Studies Centre at the University of Sydney, says he is unconvinced whether the issue of China dominating the world is now the debate to be had.

"I am not entirely sure that this idea of the 21st century belonging to anyone in particular makes much sense. I thought the idea of nation states being the great drivers of all developments was coming to a slow end," he says.

"Of course, China will play a major role in the coming years, but it has so many challenges to face within itself that it is hard to see it being liberated from these internal preoccupations any time soon."

Tse at Booz & Co insists China still retains a very solid economic base to build on.

"People say that China has lost its low cost manufacturing advantage. Manufacturing is actually not just a labor costs issue. It is not the case also that all advanced manufacturing will be done in the US and not China. China has huge manufacturing advantages with its supply chains and efficiencies that it can leverage."