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China started rising when it allowed capitalism in its special economic zones. Private capital had a big part in it. Shenzhen was given that status in the early 80s.

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That's like 10% of the story. There are dozens of countries that moved to a more capital oriented economy yet there is only one China. The philipines, Indonesia, Malasia, the whole continent of Africa or South America. All capitalist economies, even neoliberal. Yet none of those countries that "allowed capitalism" come close to 1% of China's GDP. What's the difference? The difference is that in China the Communist Party governs. Society rules over Capital, not the other way around. That made the whole difference.

Another aspect is that China has more people than the US and Europe combined.

Massive labor force unrivaled by any in the world, all working to elevate 1 country.

Allowing capitalism, a competent government, and sheer volume of people - all critical to making their rise possible.

I do think they made some sound monetary decisions in their financial markets given how much nonsense the US deals with. I do think you are discounting the capitalism side and give too much weight to the governance side though. Really there's more nuance to both our sides, I don't feel internet comments is rly the best way to try and convey it.

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