The total births worldwide in 2023 was 134 million. Of those 9 million were in China, or 6.7% of the total. So yeah, China is headed for a spectacular fall, but the only caveat is that the Anglo World + Western Europe is also very low.
The main question for China is not whether it can maintain a large share of the world population in the future (it can't) but whether it can survive at all in the long run or will it eventually be overrun by mass immigration once the population crash becomes too acute. You already see countries like South Korea and Japan opening up for more foreigners. A secondary question is how fast or slow China's population decline will be. In a relative sense, if it can be slowed down somewhat, China will be able to keep its position among world nations for longer.