It works in China as there absolute experts Work in government , whereas in Europe government employees are typically not competitive in free market
Policy stability may be an advantage, but it does not mean the long-term planning is really long-term planning: Real estate; birth rate; gender antagonism; wealth gap; extremely involuted education, where even primary school students have to get home at least after 6pm, and then spend another three hours doing test papers, combined with purely formal university education and very low employment rates after graduation; a working environment where even a five-day, eight-hour workweek is really rare in private companies, where unions are only a placeholder, and individuals are very powerless against companies...
We saw what happened in Japan and South Korea, and we walked into the same path in an even more extreme way.
On the Chinese internet, Japan and South Korea are often called the "super test servers", while China is the "official server": the same problems are further intensified.