I think you can effectively compete with China but you would need a giant coalition of democratic countries that would move fast and stay focused.

Exactly, like EU and USA working together, but then Americans go ahead and elect Trump!?
As it’s going we were already losing, when China was behind. There is no way we can beat them when they are ahead, unless we dramatically up our game.

I’ve been cursing our (Denmark) government for cutting education and reducing taxes for 20 years. Instead of increasing education, and focus and invest in the sectors we are good at.
That’s what made us rich in the past, it’s like they think we don’t need to invest anymore, because we are economically doing fine cutting taxes and undermining the quality society we built in the past.