Until recently it was thought in the West that without democracy there would be no development. Most said that only through the popular vote would the economy reach its greatest potential.
Issues such as competition, innovation, and company formation were believed to be exclusive attributes of democratic countries. However, China shows that this is not true and in various sectors it dominates the world.
The richest western countries are afraid of competition with China and close their borders. The Asian giant has become the most efficient economy, in addition to 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 emerge from China.
When it comes to telecommunications, this country is advancing at accelerated steps and Europe and the United States, instead of competing, prefer to close their borders, which will cause them to lag behind. Western governments and companies know that competing against Huawei, Alibabá, Tencent, Xiaomi, TikToc or SenseTime leaves them very badly off.
The same can be said of traditional sectors such as construction, the manufacture of trains or the production of any good that comes to mind. In this type of business, the Chinese go to the world hand in hand with their banks and Western firms hardly offer 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 going against privacy. However, both in Europe and America, surveillance and control systems are just as invasive, including social networks.
In terms of financial progress, China also leads through companies fintech. An example is Ant Financial, linked to Alibabá, which is already larger, diversified and technologically more advanced than Visa and MasterCard and offers all kinds of online services, such as credit and insurance with immediate solutions.
There is no doubt, the great Asian power begins to dominate the world economy and there will be no other country that can surpass it for the next decades.