Tom M
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Their ECONOMY is slowing down but their ability to produce world class advanced high tech weapons systems and ALL other products comparable to Western and Russian standards is speeding up and has in many ways already reached that stage. And that is a crucial turning point in their history. Once you have acquired this ability, your nation can go on to become a super power/global hyper power.
An Economy is very important mate.
An army marches on its stomach. - Napoleon Bonaparte
Whatever they achieve, unless they are able take the war to U.S homeland (worst case scenario), U.S will always have the upper hand. Because if there were to be a war between China and U.S.A (only the dumb will think like that ) it will obviously be fought around Asia and the SCS. Even if they want they only have on Aircraft carrier for that purpose, do you have any idea how many does the U.S operate at present ??
In future they may very well overtake U.S.A on all fronts, but I don't see that happening anytime near, it won't happen at-least for the next 20 - 30 years for sure.