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China has the superior economy
China has a better chance for an educated person to live comfortably, due to lower cost of living compared to salary
I doubt these two points.
China's economic growth might be higher - but that only means that it's easier to find a job. However, earning USD 200 in China is by far not as good as earning USD 2000 in the US for the same job. Not to mention worker protection...
But especially for well-educated people, China is a difficult place to be (with the exception of Hong Kong). If you are working in finance and earn decent money, you will have to give away most of it for taxes. But even if you have money to spend, you can't buy high quality products in China (or only at a far higher price). Food quality is much lower, imports are over-regulated, the living environment is of lower quality and you can't get the cosmopolitan experience that US cities (or cities like Hong Kong or Singapore) offer you.
China's upsides are much different:
In China, you have a unique culture full of people with a "can-do" mindset. A great place for trying out new innovative business models! US-Americans are often driven by fear and doubts. Moreover, they often don't want to work that hard and want a good "work-life-balance" (outside of Wallstreet, at least) - not quite the kind of person you'd like to employ in your young business. Those smart Americans who want to work hard are so expensive, no innovative young company can afford them.
Also, China's education level is so low that it is far less competitive. If you speak several languages and boast an international education as well as a bit of social skills, you can find top jobs in China. In the US, it might get you a good job that initially pays better than the one in China - but if you're in for the big game, it's harder to succeed in a place like New York, where competition is really fierce.