Until recently it was believed in the West that without democracy there would be no development. Most of them said that only with the popular vote would the economy reach its greatest potential.
It was believed that issues such as competition, innovation, and company formation were exclusive features of democratic countries. However, China is showing that this is not true and it dominates the world in various sectors.
The richest Western countries fear competition with China and are closing their borders. The Asian giant has become the most efficient economy, as well as educating millions of people to develop technology and compete with the best in the world. The next tech and design geniuses, like Steve Jobs, will be leaving China.
If it is about communications, this country is advancing at an accelerated pace and Europe and the United States prefer to close their borders instead of competing, which will leave them lagging behind. Western governments and companies realize that competing against Huawei, Alibabá, Tencent, Xiaomi, TikToc or SenseTime leaves it in a very bad shape.
The same can be said of traditional sectors such as construction, train manufacturing or the production of whatever commodity comes to mind. In this type of business, the Chinese go out into the world alongside their banks and Western companies hardly offering similar conditions, so they put up protectionist barriers and urge poor countries not to ally with Asian companies.
Another example is surveillance and security, where the Beijing government is accused of violating privacy. However, in both Europe and America, monitoring and control systems are invasive, including social networks.
In terms of financial progress, China is also progressing through companies Financial technology. An example is Ant Financial, which is associated with Alibabá, which is already larger, diversified and more technologically advanced than Visa and MasterCard and offers all kinds of services online, such as credit and insurance with instant solutions.
There is no doubt that the great Asian power begins to dominate the global economy, and no country will surpass it in the coming decades.