They're not creating high value added products on anywhere near the scale they need to be to compete with the West.

Whats a Chinese export brand that you would pay a premium for in the way people pay for Apple / Samsung / BMW / Lexus / Ferrari / Playstation / etc? They don't have any. They have stuff like Xioami but they're not competing in that space on innovation/quality, they're competing on price because they're not creating new things that you can't get elsewhere (because they fundamentally don't respect intellectual property).

They're not gonna collapse or anything dramatic. But there's no way China takes over the USA as some global hegemon in the next few decades. They're not producing enough value and their population pyramid is all fucked up.