yes it is false but that was not my reasoning. I was merely trying to draw parallels between a time people are probably familiar, saying that there is no use comparing modern China to a developed country. It is not a modern country, but it is so "rich" and "powerful" people (like the OP) get that idea in their head and become inevitably disillusioned.

Perhaps I could have made a parallel to Brazil or Thailand?

No analogy is complete.