In what sense it isn’t? Its physical economic output is like half of the US where the economy is largely a Wall Street fiat. Would you explain me why Netflix used to cost 30 times the annual earnings on stock exchange? Or why the US banking system has $1.8 trillion in unrealized losses vs $2.2 trillion in capital? BTW, Chinese natural output is 3.5 times that of the US.
Would you explain me why Russia is still growing after ties cut with Europe, and Europe is in stagnation only due to underreported inflation, but in fact in a deep recession? The thing that keeps Europe afloat is the “industrial powerhouse” Ireland (LOL) that has headquarters of transnationals who build in the US and China and count their output as European.