> Europe is hesitant in that regard for fear of getting left behind. China shows that this fear is mostly unfounded.

It's hard to transplant the Chinese experience elsewhere. Not only due to Europe's current far greater dependence on American software and cloud providers, but also due to China's far larger pool of technical expertise, likely resulting from many decades of heavy emphasis on math and science education, together with far greater social and monetary rewards. I doubt that European politicians or their electorates have the patience for a big turnaround that may not start to pay off for several decades or even generations.