This is almost entirely due to the Gaokao. Also, there's a difference between prizing education as a means to make money, and prizing education as a means to make a well-rounded person. The concept of a 'liberal arts' education in China barely exists, from the standpoint that education isn't about vocational skills to enrich yourself monetarily, but to enrich oneself as a person.
Fundamentally, I don't think an authoritarian state that constricts intellectual, academic, and political freedom, combined with an educational system that acts largely as a vocational gatekeeper, is conducive to the free questioning that is at the heart of innovation.
Western education tends to teach rebellion. Rebellion against your parents, against the government, against the status quo. The way you get a Steve Jobs or an Elon Musk is to have someone, who is told no over and over again, "you can't do this", to say "f*ck it, I'm doing it anyway, no matter how stupid or impossible you say it is."
It's this rebellion that's at the heart of innovation. And I don't think Confucian or CCP values rebellion very much.