Funny you should mention decolonizing STEM, because that's basically what has happened here. Even now many people are in denial about what the Chinese have accomplished. They seem to think that only white people can invent stuff or push the state of the art forward, and that everyone else just copies them, steals their ideas and technology.
Many Western countries put a lot of effort into maintaining existing hierarchies. They would rather some people just don't have access to a good education and opportunities, than be more competitive. Education gets defunded by people who can afford to pay for their own kids to get a good one, or who got theirs and just want a supply of disposable, low cost labour, and lower taxes. The risk that someone else might get something they didn't "earn" is too great to fund anything properly.