Why China will not be a power

My marketing teacher made a comment today that China will become the economic power soon, and it is a reality we need to deal with. First off, I like this teacher, but to what I perceive to be the facts.

Prosperity will not develop under a communist society. This is because wealth creates wealth. Money is needed to grow. Under communist leadership, the state prospers while the citizens work for little to nothing.

Another necessity to become an economic power is innovation. Innovation does not thrive in a poorly paid society. With out innovation, they will continue to mass produce our cookie cutters for a small amount.

Also, communist societies tend to push out their intelligent citizens because income is not available. Why stay in China and make enough to feed your family when you can move to South Korea or America and make a nice living?