The West corrupted its application of fundamental Keynesian principles in the 1970s and 80s when the neoliberals deregulated banking and allowed for profit commercial banks to issue fiat debt toward ANY purpose, as opposed to the previous requirement that they only fund productive investments and infrastructure. Since the neoliberal corruption of Keynesian monetary theory commercial banks have come to issue over half their lending toward non productive purposes- mainly residential real estate- this massive rentseeking injection of debt based capital toward speculative non productive assets has crippled the western economies and created significant inter-generational wealth inequities but the bankers are laughing as their profits remain assured even though they have become parasites upon the economies they operate. China has been much stricter in its allocation of fiat debt capital, mostly ensuring it is directed toward productive purposes however regional governments have often operated property development programs using fiat debt issuance and the construction of power generation as economic growth leverage.
Nevertheless the China retain the advantage as the Chinese government generally retains control over fiat debt issuance while in the west the bankers have effectively captured and controlled most western governments and entrenched themselves as rentseeking parasites. Bitcoin might fix this or Chinas more disciplined application of Keynesian Fiat Theory might triumph? USD vs CBDC Yuan vs BTC