China thru stolen IP and forced technology transfer is becoming a monopoly in key industries that will supplant its rivals. China is now the largest automaker on the planet by a lot. They are developing their own commercial aircraft industry. They are the largest manufacturers of steel and aluminum. The list goes on and on.
The Chinese can undercut its rivals with cheaper prices subsidized by the government. They dominate international trade.
The are still very much a factory nation.
Add to that one with a crashing real-estate market.
Add to that a yuan that is getting out of control.
Their economy is in a complete shambles.