This is one of the most brilliant pieces of political advertisement, and a fabulously understated yet realistic view of the future, I've ever seen. James Fallows is right.
As I understand it, he's also right that "if you know anything about the Chinese economy, the actual analytical content here is hilariously wrong."
The ad has the Chinese official saying that America collapsed because, in the midst of a recession, it relied on (a) government stimulus spending, (b) big changes in its health care systems, and (c) public intervention in major industries — all of which of course, have been crucial parts of China's (successful) anti-recession policy.
Still, as a piece of agitprop it's very smooth. Dangerously so. (As an especially smart friend of mine puts it, "It's like Firefly meets 60 Minutes.")