It wasn't about foresight or lack of it but about greed
It was about simple, banal racism.
Economists agree - the triggering point for China's explosive growth was its admittance into the World Trade Organization in 2001. Since 2001 its GDP has grown 11-fold. The percentage of the population that lives below the poverty line went from above 50% to less than 1%.
China - admitted in 2001. Following 15 years of negotiations.
Russia admitted in 2012 - following 18 years of negotiations! Just as in China's case, the final and most arduous stumbling block to accession was the United States.
How does Communist China get admitted into the WTO, faster and earlier than free market and capitalist Russia?
I'll tell you why - because back then nobody believed China could ever present a real threat, while at the same time no one was in a rush to help Russia rise up from its knees.
Western racism towards China blinded them towards the rising threat. They thought the Chinese would be happy sewing t-shirts and selling trinkets - and were not capable of anything more. In fact - the thinking still persists in Western brains - until some new and unpleasant reality again and again slaps them in the face.
I see it everyday in the business press. Off the top of my head, from just these past two years:
1) We'll send China back into the Stone Age by cutting off access to modern lithographic machines used in manufacturing chips. Result - China is already approaching having its own home grown capability.
2) ChatGPT - HOORAY! Now we'll dominate the nearest 10,000 years of human development! Let's pass a bunch of laws to ensure superintelligence can only be created in the United States! Result - a small Chinese hedge fund releases Deepseek-R1, a large language model comparable to ChatGPT - but available to everyone for free.
3) Electric cars - ditto
4) Quantum computing - ditto
Western people suffer from some Orientalist curved lens, which makes them underestimate the Chinese, and be overly paranoid of the Russians.
Petr Aven's book does a good job illustrating how shocked he and his colleagues in the Russian government were, when they understood that the West still viewed Russia as an enemy and was not prepared to provide even a fraction of the aid it provided to Eastern Europe or China.
All the hippy talk of universal love after the end of the Cold War ended up being a lie. You did a great job keeping Russia down, but lost your focus on China through your rabid racism and unfounded sense of superiority.