Economic growth is based on savings and production (why you think china is taking over?) and NOT on consumption and borrowing (why you think the US is sinking?).
Economic growth of the nation (EC) is the increase of the value of the total goods and services that are produced and sold. A nation has to be able to produce the goods and services, and as much to be able to sell those goods and services. EC has a long-term horizon and it's measured in percentage changes in GDP.
It's not about savings. In fact, if you save too much and do not use your excess money to reinvest then you would keep your money (and stay rich) but your growth would stagnate.