charles3000: I would suggest China’s growth has been enabled by coping the monetary system used in the US during the WWII years. We had a very prosperous economy then and it was NOT because of the war; it was because of national policies and the monetary used at that time. The RFC was the center of the methods used. China now has three banks equivalent to the RFC. We lost our economic bearing and China copied what worked for us.
You’re quite right that this is what China has done, however even with “Chinese characteristics” monetarily they still are operating solely within the paradigm of Debt Only and with technological innovation and AI that will eventually trip them up. The Chinese are deathly afraid of ethnic destabilization and well they should be, and we should also fear the disintegrative spiral we are entering because we won’t integrate monetary gifting into the debt based monetary system and the digital pricing system. The way to make the xenophobes, the secessionist government phobes and the habitually unhappy no matter what types….is make the system serve them instead of having to slavishly serve it and its systemic monetary paradigm of Debt Only. And even the Chinese will have to confront that eventually.