rewrite as participle phrase

There are two subjects in the two clauses, 'China's economy' and 'learning the language'. To form a participle phrase with 'China's economy' as the subject, the sentence reads like this:

China's economy having boomed in the past decade, learning the language has become very important for many people across the world.

Without China's economy as the subject, 'learning the language' becomes the subject of the verb 'boomed' and the sentence would not make sense.

correct answer: China's economy booming in the past decade, learning the language has become very important for many people across the world.

China's booming economy in the past decade makes learning the language very important for many people across the world.

Learning the language has become very important for many people across the world as China's economy boomed in the past decade.

Is it OK?