I have written about this, as a short-term problem
here and as a long-term problem
here. China appears to be dramatically overbuilt now, primarily because of so much politically motivated economic activity and so much corruption, which masks a lot of mistakes until the bill comes due. I think in the long-term the economic ascendance of China is a fact, with social stability the primary potential obstacle. Save for the corruption (which is not a trivial problem), China to me looks economically similar to Japan, Taiwan, Korea and other Asian miracle countries in years past. If you believe that modernization depends on cultural compatibility with it, China is in good shape in ways they weren't in centuries past.
The many businessmen I know who commute from Canada to China are very optimistic about prospects there.
The Chinese will survive the upcoming collapse of socialist institutions quite well, imo, provided that the new civil society entities they are creating mature sufficiently prior to the approaching, and unavoidable state banking crisis.