"who would bet against the Council's edict becoming reality?"
Anyone betting against China in the long-term is a fool.
Twenty years ago every was calling them copiers. We were laughing at the quality of their products. Sometimes we still do. There will be nothing to laugh at the day China is dictating international commercial treaties instead of the US - and that will happen.
It'll be interesting to see the influence of the Middle-Kingdom's growing power on those commercial agreements. One can only wonder what they will do with the concept of privacy, for example.
Today, it is still the US calling the shots in international treaties of all kinds. Soon, it will be China. Get ready for it.