China made a fool of the west during the global economic crisis, flaunting high growth while western countries languished – and Beijing is not letting anyone forget that. Foreign businessmen complain of a new triumphalism on the part of Chinese interlocutors, from government officials to customers.

Now China has something new to brag about: Forbes magazine says China has the most billionaires outside the US for the first time. And richest among the mainlanders is Zong Qinghou, chairman of Hangzhou Wahaha group, one of China's most famous drinks companies – and unofficial loser of one of China's most famous legal disputes.

Mr Zong fought for years with Danone, his joint venture partner in China, over the right to exploit the Wahaha trademark. Danone accused Mr Zong of setting up copycat operations outside its joint ventures to sell competing Wahaha products. Mr Zong denied it. But a Swedish arbitration panel found that he breached confidentiality and non-competition agreements, precipitating a settlement between the two sides.

The headlines said Danone won. But is that so clear?

Mr Zong bought Danone out of the joint venture for €300m ($409m), a fraction of what the French company demanded. And he ended up the richest man in China, having at the very least exploited mistakes by one of Europe's leading food brands.

It is enough to make a lesser nation smug – and there is certainly no shortage of smugness these days in China.