PRC state driven industrial policies are hilariously efficient against entrenched (western) incumbants, because the alternative is to not be competitive at all since new competitors simply can't compete against moat of established western companies with resources that rival government funding, no less US cheap money. PRC scale is large enough to do that, meanwhile most countries/blocs too small or uncoordinated to even try.
That's why US/west copying PRC industrial policies, because PRC industrial policy is initially "inefficient", and then they become absurdly efficient, saturating domestic market at first, then export massive surplus to globe, and eats away at western shares. Analysis of PRC moving up value chain and global export share on PV, telecom, android smartphone, display panel shows reduction in operating margin of leading companies by 50-90%. Hence US is trying to stop PRC semi. And I'm guessing west on PRC EV soon. Because the efficiency of PRC indy policy is also measured in making western companies less productive.
As for PRC brain drain, Chinese academics/talent in west floating back to PRC in record numbers. Those are good portends vs statistically insignificant % of millionaires trying to hide their money abroad. Which entire ignores the fact that PRC generates so much domestic talent now that west can't meaningfuly braindrain even if they wanted to. PRC is in process of milking the greatest high skill demographic divident in recorded history. It took PRC 20 years to build up ~15M STEM talent to catch up in west in most sectors except extremely difficult integration projects like aviation and semi. She's generating that much talent every 3-4 years now.
E: over post limit
Yet the west copies PRC, an "unserious" regime, none the less. From PRC content moderation, to surveillance, to industrial policies, there's more convergence than divergence. Because PRC is prescient. Enough so to be labelled as only US competitor who is capable of reshaping global order.