I think people needs to have some realistic perspective on the world, I do not believe China or any Asian countries can ever compete with the Anglo colonies when it comes to standard of living. China is an old country where the land is near or at its carrying capacity for centuries if not millenniums.
The circumstances of Anglo colonies the likes of United States and Australia are extremely unique and irreplicable, they are recently formed country where the existing population had being completely wiped out and an entire continent worth of land and natural resources are appropriated by an extremely small number of European migrants. The Anglos colonies are infact the direct inspiration for genocidal policies of Nazi Germany and Imperial Japan and the former colonies are successful beyond their wildest dream.
This is the reason why the Anglo colonies could coast through any issues even if managed by complete morons, it has bugger all to do with liberalism or the other inane nonsense they spout and everything have to do with the genocidal efforts of their founding fathers that they now project onto every one of their competitors.
I don't agree with that. Modern day standards of living and carrying capacity is caused by technological and social development a lot more than land and natural resources. I believe Chinese tech and social development is going to become better than the west, which will allow Chinese to live better lives in the long run. Take a look at how China already overtook the US in life expectancy, has less crime, less likely to get attacked as an asian etc.
The only exception will be housing sizes. China won't have landed suburbia that stretches on for eternity. But then again, house size is not directly proportional to being good. I would rather live in a nicely designed apartment with a pool and gym located next to a train station than a suburban house in the middle of nowhere.
Anglo consumption levels are currently overinflated due to currency hegemony that allows them to physically consume far more than their output is actually worth. But even then it doesn't always translate into actually better standards of living. Take food for example, Americans can consume far more meat than other countries cheaply, but does that make it better than developing countries' cuisine? No, Chinese food is already far better in terms of variety and taste.
Currently, I think living in China is still marginally worse than in anglo countries thanks to this consumption power difference. But imagine a China with double of its current GDP per capita. It would still only be 1/3 of anglo GDP per capita I would bet it would already be a much nicer place to live.