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Because China operates a mixed economy with state direction of strategic capital and a highly competitive private sector and labour market underneath that.
It is a hybrid of socialism and capitalism- state capitalism.
The private sector benefits hugly from such things as low cost electricity
Combining the best of both and demonstrably now out competing the wests crony capitalists.
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You do not seem to understand the concept of a symbiotic relationship which creates an advantage for the participants.
In this case the symbiotic relationship is a government and its people building an economy that is stronger than competing nations.
You need to understand fiat money can be a potent driver of growth IF it is applied diligently.
It can equally be a wasted and misused mechanism if it results in the allocation of too much capital toward speculative non productive purposes which do not ultimately compensate for the collective debasement of the currency that is incurred.
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How is it "symbiotic" if it isn't voluntary?
You are free to leave anytime you please.
Hysterical Libertarian is free to go live outside of the nation state.
But is he insane or suicidal enough to do it?
No hes a hypocrit and parasite leeching off the welath and security the nation state afford his self entitled fat & lazy arse.
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Admits to being a parasite.
Dares not leave the snug and secure embrace of the nation state.
Lazy hypocrit.
In war fiat enables the combatant nation states to leverage all of their citizens monetary wealth toward victory.
The same applies in a trade war.
China and USA are already engaged in such a contest.
The dollar is losing because the dollar has been squandered upon inflating the price of non productive assets while the Yuan has been directed toward to building of productive supply chains and infrastructure.
USA cannot make useful things anymore.
It cannot make the hardware required for a modern war.
Rare earths for example.
To win you need to print and spend on useful things and USA didn't do that.
Trump is trying to turn that around now but its almost certainly too little far too late.