If you want to gauge China's potential, look at Singapore. Singapore is essentially a 278 times smaller version of mainland China but with a significant headstart. A Singapore with 1.4 billion people might already have been the world power by now.
This actually underestimates China's potential. The larger a country is, the easier it becomes to conduct large-scale scientific and technological projects. For example, a country like Iceland could never launch its own Manhattan Project, which employed more than 130,000 people.
Apple's Tim Cook says that “In the U.S., you could have a meeting of tooling engineers, and I'm not sure we could fill the room. In China, you could fill multiple football fields.”
❝China has already achieved parity with—or even exceeded—the United States in several military modernization areas...❞ -- Annual Report to Congress: Military and Security Developments Involving the People's Republic of China. https://media.defense.gov/2020/Sep/01/2002488689/-1/-1/1/2020-DOD-CHINA-MILITARY-POWER-REPORT-FINAL.PDF
Two graphics that put China's human capital into perspective: https://think-beyondtheobvious.com/china-ist-unschlagbar/

1. Number of math top scorers by country.
2. Total count of unicorns by country.
Some claim that the Chinese lack the necessary individualistic curiosity to be innovative. Yet 21st-century science and technology are increasingly about large collaborations of many smart individuals and big data rather than individualistic geniuses working alone.
While the West is advertising the alledged benefits of ethnic diversity, Chinese software engineers managed to dominate the African smartphone market by paying attention to African consumers and tailoring flashes and imaging software for darker skin tones. https://restofworld.org/2020/transsion-from-china-to-africa/
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