The days when it was considered cool to wave your credit card to make payments are history. What's cool now is when a consumer at a ball game waves her hand in front of a vending machine, and the machine not only dispenses her favorite drink but also sends her a mobile coupon to share with friends because her team is ahead in the game.

What began as a trickle of stories about challenges to China's supposed economic dominance has become a steady flow. It began with revelations of working conditions at Chinese factories. Soon we were reading about rising wages in the industrial sector - great for Chinese workers, but sure to make the country a less attractive source of cheap manufacturing for the West. Then there was the recent slowdown in China's foreign direct investment, along with the nation's struggle to create an economy that's geared more toward domestic consumption in the service of a growing middle class. Meanwhile, serious questions persist about the stability of China's banking system. And just last week, we learned that China's trade surplus with the U.S. is rapidly shrinking, as the country wrestles with the consequences of a stronger yuan.