Man, this here is whitey cope. Honestly, China's far from perfect, but they are even further away from the basket case picture you paint here
Na....Just like every "closed" economy that existed, they eventually crash and burn!! it just takes time to come out. History shows it.
The have an economy based on cheap labour for the world and internal construction. They have zero innovation (except for when they doing industrial espionage) and have no real "service" industry for the world (which is what creates a modern economy). A non-existence judiciary system.
While with any authoritarian country there is minimal, checks and balances. Leadership only want to hear what they want to hear. Creates big issues especially with one's military. They don't even have a floating dollar they are so scared of some "balance", and losing some control.
And as I said huge debt and corruption problems!
Just like Russia when someone eventually pushes back on them (Taiwan war?), it is shown to be a hollow threat to the world.