I don't think we've really gotten to the phase (at least in software) where we are directly competing outside of China. I think we are starting to compete in markets like India. I'd be surprised if in a few years we won't be fighting over US market share. The recent Reddit investment by Tencent might be a harbinger of things to come.

Edit: I very much hope I'm wrong. I do see a danger of a future where a small percentage of people work long hours and everyone else is unemployed.