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Soft power is definitely tied to hard power, you can not become a soft power without hard economic backing. It will be hard for any country to aspires to Chinese culture, value, lifestyle etc when 700+ million Chinese are still living in poverty.
That's another reason why I think the real story of Chinese soft power will only begin in 20 years time. Economically, China is at the stage as Japan in 1960 and South Korea in 1980. Japanese pop culture didn't come to world preeminence til late 70s/early 80s and the Korean wave only began in late 90s and early 00s. China so far has followed closely the Japanese and Korean roads of development and I'm confident with the right policy and environment (which of course must include 'less censorship') we can expect Chinese soft power to rise dramatically in early 2030s.
That's another reason why I think the real story of Chinese soft power will only begin in 20 years time. Economically, China is at the stage as Japan in 1960 and South Korea in 1980. Japanese pop culture didn't come to world preeminence til late 70s/early 80s and the Korean wave only began in late 90s and early 00s. China so far has followed closely the Japanese and Korean roads of development and I'm confident with the right policy and environment (which of course must include 'less censorship') we can expect Chinese soft power to rise dramatically in early 2030s.