"Chinese" animation as we understand to be represented by Shanghai Animation Film Studio is dead. They don't teach it in schools, they don't teach it in industry. That knowledge of making Chinese animation is gone now because it simply hasn't been passed down.

Recreating an old aesthetic with a high degree of authenticity is totally possible, it's fairly common for paintings and fake antiques, and for animations just look at the indie game Cuphead. I think the biggest reason you don't see the tradtional Chinese animation style anymore is just business wise it's not very competitive in the market, and that's likely the reason it wasn't tought in the schools too.