I see a lot of talk about raising productivity per capita, but none of this addresses the aging issue. It's a biological fact that old people do not contribute much productivity. They also don't consume much. This will be a drag on economic growth, no matter what, and a persistent problem if the demographic pyramid continues to invert.
Also, while productivity can be raised via automation, education investments, etc., the problem of demand isn't as easy to solve. A single person only needs so much - demand doesn't exactly keep up with wealth. So having tons of productivity but no demand isn't a great place to be if global trade slows and countries become more protectionist. It might make China a wealthy country in per capita terms, but it won't result in more aggregate power, which is important in a Cold War against the West.
Finally, until AI takes over all human endeavors, there will always be a talent dividend from demographics. China's main advantage is its large and quality talent base, and its relatively effective government management. I mean, it's not like China's advantage is its natural resources or its geographic location - in a post-human labor world, we'd have to rely strictly on the CCP to out maneuver competing governments to gain any sort of advantage. I don't see that as sustainable especially if AI begins to take on more decision making. So the way I see it, there needs to be urgency in over taking the US in technology while China's demographic dividend lasts, and a national effort to delay demographic decline as much as possible. Only by reaching technological singularity first, can China secure its future against the West.
That is the problem Japan stuck with,most of the wealth are in the hands of old people,yet these people don't consume much