Since 2000, China has outpaced both the US and the Eurozone combined in terms of the speed of yuan printing. Money issuance in China, the US, and Europe is based on borrowing. However, there’s a subtle difference: in China, the main borrowers are businesses, the population, and provinces. Through loans, investments are attracted to manufacturing and services, new real estate, and infrastructure respectively.
In developed countries, the main borrower is the government. In the US, for example, the main expenditure item of the federal budget is social welfare. This means that money borrowed by the government directly or indirectly ends up in the pockets of the country’s residents. From there, the money quickly flows into stores, and from there, to the exporters like China.
In the end, all major economies are printing money. However, inflation hits developed countries the hardest. China, on the other hand, has devised an excellent tool for channeling excess liquidity: it is invested in production and building.