It is absurd to compare "Europe" with the US or China and I suppose in the future also India. Europe is a collection of nation states where a nationalist landmine always awaits to blow on our faces (See Brexit which deprived the European Union of one of its main economic powerhouses). Further, there are deep rooted linguistic barriers (See French attitude towards use of English as lingua franca - which diminishes the role of yet another powerhouse). Next, steps towards economic integration (like the introduction of the Euro) are sketchy. The financial system in Europe is in a half-baked (yet frozen) state of disrepair as there is no appetite to integrate further. It will unravel completely if a really serious economic crisis comes about. In any case it prevents the kind of rapid scaling that is enjoyed by entrepreneurs/private sector business activity in the US and China.
Despite all those handicaps, European societies and economies are doing reasonably well. No Trumpista degeneration here, no oriental authoritarianism and oppression. A sane approach toward digital privacy and sovereignty (which any US citizen should really be thankful for as there is nobody else to carry the torch). Similarly ahead of the curve on environmental sustainability. Innovation is definitely happening (a rich and diverse cultural heritage and diversity almost guarantees that). Just a tiny example: several countries have digital banking systems significantly ahead of the US.
What Europe must work out is how to organize its constituents so that they act more coherently without losing their identity. Any comparison and/or imitation of the aberrant mono-cultures of the East and the West is a waste of time.