The one good thing about China and India producing so many STEM graduates is that it is normalizing STEM jobs as just other regular jobs

Think about it.

For the prices of a product or specialization to drop you need to keep increasing the supply of those that can produce said produce or service.

As the number of STEM graduates increase across the world it over time would lead to a lowering of, 1) The salary of the average STEM worker to meet basic needs and middle class living and, 2) Cheaper prices for software and hardware as more and more competitors rise up and better production techniques are developed over time.

Imagine the lowering of prices across all STEM products similar to the lowering of prices of TVs or mobiles ( in relation to how much they scale up in computation each year ).

The rise of STEM graduates across the world is the best thing that has happened to improving the global quality of life, taking into account that it is technological developments that lead to lowering prices and increased GDP growth today.

With China acting as a counterweight to the US, the US can no longer rely on the strategy of outsourcing all their labor to the cheapest places possible, but have to actually invent new techniques to improve production to stay competitive against middle income economies in terms of pricing.

The primary downside of the US led world order was that only 3-5 countries would grow well across a generation at a time, with most of the world left nearly stagnant, mostly the non-Western world order.

In a multi-polar world however, every country in the world has so many trading opportunities that GDP can only go up at this point in time.

The rise of China has given South American nation states a second chance at improving their quality of life, without having to become completely dependent on the west.

It has also created a mass market of middle income tech products that are now affordable to most middle income nation states, which previously was a field only filled by Samsung, which alone could not provide affordable technology for the whole world.

In addition, it has created an opportunity for the East to compete in the race to unravel the secrets of the universe and make new strides in terms of physics, biology, chemistry, and technological discoveries in the future.

Conclusion:

The Chinese are going to overtake the west, and this is a bad thing only for the west. The rest of the world is going to benefit from a new explosion of lower prices, cheap high quality products, and faster waves of innovation when US patent law isn't holding it all back.