I think you underestimate just how many people are in China and how much development actually needs to happen in order to meet their needs. The urbanization rate of China is still lower than most developed nations despite the massive amounts of construction they’ve done in recent years.
I think there are a few obstacles to that actually.
The first is that the global financial system is structured in a way that artificially inflates the value of the Dollar and the Euro. This is great for western capital. However, it also means that domestic labor is more expensive than foreign labor which makes onshore manufacturing unprofitable.
The second problem is that western subsidies rarely hold companies to account. The US tried to onshore semiconductor manufacturing through the CHIPS act in explicit attempt to compete with China. Only a few years later and big recipients of those subsidies are already giving up. Intel is laying if 15k employees and TSMC is delaying and scaling back their plans for a fab in Arizona. Given how much influence over politics capital owners have in western countries, I don’t see this changing anytime soon.
Lastly, I forgot to mention but the artificial inflation of western currencies is in part maintained by their control and influence over the energy trade. Any of course by energy I mean fossil fuels. As such, if the west were to enable a global green energy transition they would be shooting themselves in the foot so to speak. This is likely part of the reason why China is investing so much in renewables. Energy independence will benefit them greatly as they won’t have to depend on an energy market dominated by western powers.