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Without taking sides with or against China, or any other of the BRICS member states, this study demonstrates how developing countries are affected by the Chinese economy and a few other giant ones. The Chinese miracle has drawn considerable attention. But we highlight three hidden dimensions. First, the Chinese “miracle” (as well as those of other BRICS members) squeezes the developmental space of late industrializing economies. Second, unexpectedly though, China will become an unstable force in the world-economy, for the distribution of wealth in China has been quite unequal. Third, the Chinese “miracle” may not be that extraordinary. We question whether China can win the upper hand in the 21st-century knowledge-based economy. Quantitatively, China has improved its competitive standing by increasing the number of patent applications closely related to innovative capabilities. But qualitatively, high-value patents are largely controlled by industrialized countries. This fact makes the socalled miracle less glorious than it initially appears. Keywords: BRICS, China’s rise, global inequality, knowledge-based economy (KBE), semiperiphery, World Systems Theory