South Korea and Taiwan are the two more recent countries to advance that way (products considered to be cheap trash in the 1970s, desirable by the 1990s). But their GDP has stagnated at around $25k/yr per capita. (Yes Taiwan - nearly all laptops are designed in Taiwan). Singapore would seem to be an exception at about $55k/yr, but it's a city-state and achieves that high GDP by not having any low-income rural residents.
There is just something about these East Asian countries which is preventing them from reaching the level of productivity that the U.S. and Western Europe have reached. My theory is it's corruption (bribery is a fact of life there) and ingrained rules of society which impede free market forces from helping remove inefficiencies. If I'm right, then China, currently at about $8k/yr, is probably going to stagnate before it reaches $15k/yr due to its Communist government trying to micro-manage everything its people do. That would be enough to supplant the U.S. as world's largest economy, but it will hardly be world-leading when it comes to technologies. I mean it will have a few world-leading breakthroughs due to the sheer size of its economy and population, but the amount of technological advancements per $GDP and per citizen will be far below what we see from the U.S., Western Europe, Japan, South Korea, and Taiwan. You could even argue China has already reached its peak - $8k/yr GDP per capita is where Russia stopped at when it was the Soviet Union (inflation adjusted), and where it is right now.
Technological progress doesn't just come from dumping money into R&D. You also have to give your researchers and engineers freedom to try out all the crazy ideas they can think of. And have a free market which can sort out the good ideas from the bad (instead of some government official designating that one idea is good while another is bad).