Why Chinese economy is better than the US?

Q: Why is China's economy, which is 60% government owned and run (Socialist) working so much better these days than the US economy, which is only 10% government owned, and China's life expectancy exceeding US? Socialism NEVER works, right?

A: 

Marxism is a science about the evolution of human society. According to the study by Marx, Communism will eventually replace capitalism, pending the advancement of productivity. The initial stage of Communism is the socialism.

When socialism is not working, it is because the productivity is not advanced enough. After the information revolution at the end of last century, and the advancement of AI nowadays, socialism is more viable than capitalism.

In 2008, the US Congress rescued the Wall Street. That is not capitalism. It is the government giving money to companies. The Inflation Reduction Act is not capitalism. It is the government regulating investment and the flow of capital. The CHIPS and Science Act is not capitalism. It is the government dictate what to produce and how it should be produced. In short, the US is the biggest power to destroy capitalism. If there is no market economy, there is no capitalism.

China today advocates more market economy than the US does. China today facilitates more market economy than the US does. Capital has more freedom in China than in the US. The US sanctions Huawei, ZTE, and thousands of Chinese companies. The US dictates Intel, Qualcomm， Foxconn， ASML, and many other companies on what they can sell to the Chinese market and where they should put their factories. This is definitely not capitalism. Business decisions should be decided by companies, not by the government. Where to invest, what to produce, and whom to sell are business decisions, but now become political decisions by the US government. The US is destroying capitalism. These indicate that capitalism is not working in the advanced productivity today.

Just as Marx predicted, capitalism is itself the gravedigger. Yes, all the high tech is advanced so far mostly by the West, but the high tech advanced productivity and made the socialism of China more viable than Western capitalism.

After the 2008 financial tsunami, the US had a decade of zero-interest-rate policy with quantitative easing. The zero interest rate definitely is not a market interest rate. It was not sustainable. It is a government-dictated rate. So it is not a capitalist phenomenon.

Capital functions in the market economy. When the US government dictates investment decisions with the Inflation Reduction Act and CHIPS and Science Act, when the US government dictates global supply chains with the Inflation Reduction Act and CHIPS and Science Act, capitalism is dying.

Socialism works better than capitalism when productivity advances to the level of today. China is better off than the US in adapting to AI technology and Industrial Revolution 4.0.