China is still very much a continental power not a global power because it lacks the navy and the ability to project Sea power around the globe
It's navy still limited to the China Sea and can not go more than 1,000 miles from the Chinese coast
Also China has a massive demographic problem due to the impact of the one child policy and experiencing industrialization
When people's move to cities they stop having children and start having fewer of them
That has been the historical trend since the start of the industrial Revolution in 1769
The question is now will China's economic system and communist China survive the crisis
For China it's labor coast are becoming more expensive and nation's will look for cheaper sources of labour
The writer of prisoners of geography Tim Marshall in 2016 stated it would be 15 years before China could seriously challenge the US
I would say it would be a lot longer and that it's idiotic to challenge the US position as the global hegemon
Because they're prosperity depends on the international infrastructure created by United States
They should have waited another 50 years but China has the issue going from a population of 1.4 billion to a population of around 500 million