China is very much like the Fung Wah Bus from Chinatown in Boston to Chinatown in NYC. It started competing with Greyhound charging about 1/5 as much for the four hour run. Then Greyhound challenged them with regulations. Fung Wah complied with all the new regulations...mostly. And is still in business despite being in the newspaper regularly for buses catching fire, improperly licensed drivers, speeding, accidents, and shootings between rival buses. Lucky Star is like China too, I guess, but like all good news about China, you never hear about it.
The lesson is that Greyhound has been unable to figure out how to compete with Fung Wah (and Lucky Star) with its huge overhead; developed countries should look at China similarly. China will be around for quite some time and continue to "steal our jobs" and strongly compete on price. They will continue to meet regulatory compliance...mostly. There is not much to stop them so stop whining and start thinking.
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