I agree part of your point. But you forgot another huge difference that, US has involved lots of wars in the past three decades, but China didn't, which spend trillion dollars, either on labor or not, but that money just wasted without any outcoming. You can check out what Jack Ma commented about this in World Economic Forum 2017: https://www.weforum.org/agenda/2017/01/jack-ma-america-has-w...