China's long term prospects are clouded by a rapidly aging demographic, the middle income trap, endemic corruption, a shaky financial system, the lack of rule of law and representative government, and now a trade war with the US. The US is fully capable of building and running new factories -- and when needed, with the hired help of the same German equipment and machine tool makers that China relies on.
Modern Chinese rulers and f rule are directly descendant from and identical to- with new technology and atomic bombs- the Middle Kingdom as it existed and operated from BC on. I always thought that Mao was a radical break with the past. Then I started reading a lot of Chinese history. Some emperors were nice guys, some were monsters but all controlled their societies minutely beheading mandarins, generals and common people for minute infractions or because they were believed about to commit infractions.