The US and Europe’s problem is that the major economic interests have become too powerful and entrenched. China’s government makes their economic interests kneel down before them, which has resulted in the greatest societal transformation in history. We in the West have weak pathetic governments happy to argue over which corrupt interest should get tens or hundreds of billions in loaned tax dollars to do nothing much this year, rather than destroy these corrupt power centers and transform society. Doesn’t help when society has been conditioned to resist any central planning. Frankly the only reason the West is wealthy is because Europe and then the US were able to take advantage of huge historical transformations (industrial revolution, WW2, natural resource discovery) to get where we are. Though you could argue China mostly took advantage of one that hurt us (offshoring/globalization). The question is whether they’ll be able to consciously guide their society into prosperity in the future.