It has been achieved thanks to the heaps of cash that the entire world has thrown at China. Part of what made it work was some good ideas "some" people at the very top had, but they've reverted those decisions and the effects are starting to show (you now need contacts in the government to start new stuff, didn't use to be the case).

Of course, with time, any approach expires. The new approach is lacking. Not surprising considering the finger-picked positions.