Pull the other one, we saw how they went in the 20th century. Large centralised governments have never managed to systemically outplan democracies.
The issue is US culture has been giving priority to anti-industrialists. As a result they aren't the leader of the industrial world. This has been planned for a long time and a bunch of people were celebrating it the entire way along. You try standing up and saying "we should prioritise industry!" anywhere in the west - it is a bruising experience as soon as it gets to the specific policies that are likely to be successful.
Huge chunks of what China did are illegal. Running a successful industrial economy seems to violate a host of western employment & environmental laws as well as many regulations. That isn't bad planning, that was an explicit rejection of the outcomes China achieved.