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China and India were relatively unscathed by the global financial and economic crisis: after a brief downturn, stellar economic growth is back on track. New global and regional economic and political orders are also emerging in the post-crisis period with both nations playing a prominent role. There is heightened attention being given to the nature of their development paradigm and related matters such as governance. This paper begins with a brief introduction to the subject. Second, China and India's paradigms for development progress are outlined. Third, the key current and emerging risks and challenges facing these nations are discussed. Fourth, their respective fault lines are exposed. Fifth, some final thoughts are offered on the possible shape of the next development paradigm shift. I conclude by suggesting that the next paradigm shift in China and India will likely successfully tackle some of the unresolved developmental problems that these nations face.