“Another Clinton legacy. “
Not really. Give China a little credit here.
China’s top income tax bracket is 25%. China is now a net food exporter as they have modernized their farming and still have cheap farm labor. Chinese infrastructure has made massive improvements leading to higher productivity. China spends maybe 1/5 what the US does on military. China has a minimal safety net when compared to the massive US welfare state. China has a really strong work ethic and has minimal exposure to rap, hollywood, or gangsta stuff.
I don’t think Clinton is at fault here.
One point about Welfare state. Look at Europe, USA, these economies were developed well before China (we could mention other nations too). The growth period is normal and only followed by welfare state when peoples lifestyles go lower.
Of course this applies to unemployment and safety net items for Americans. The more apt welfare state in my eyes is allowing illegals any benefits at all. These are people with absolutely no claim on our wealth. China as currently constituted will never have that. They very well may have some sort of large program in 5 or 10 years for their own citizens. Economies have to mature to some extent for that to happen.