I think China's current transformation into a rich country will see us lose some medals in the "poor" sports like weightlifting, ping pong and gain some medals in the "rich" sports like swimming, snowboarding, etc... We are out of an era where a ton of Chinese people lived in poverty and would, without much objection, give up their children to harsh training regiments in hopes for a gold medal, but more realistically because they think even if the kid can end up a coach in the city, it would be better than being dirt poor in the countryside.
Our weightlifting team used to be people who repeated movements a thousand times a day in unisen, standing in columns and rows like terracotta warriors. Each one of them, undistinguishable from the rest and with no words or emotions to express their one common desire to win. Now, everybody is posting silly clips to Instagram, joking about missed lifts, showing off hobbies like fishing and fancy exotic cars. Athletes used to fully commit themselves and to maximize their chances of winning, dating was out of the question until retired (usually late 20's); now we have Olympic champions in the prime of their careers and the crux of the fight for a second term Olympic gold medal proposing to their girlfriends on stage during live competitions!
Sports like swimming and the winter olympic events that are traditionally dominated by developed nations have become coveted in China. A parent would refuse if a recruitment coach went to them asking if they'd like to put their kids in gymnastics, a sport where 6 year olds with shaved heads cry as they hang until failure on rings with centimeter thick calices, hit with a yardstick if their legs break straight lock; that gold is for them to see on TV, not for their children to suffer for. But if you asked them if their kid would like to be trained in swimming or snowboarding while keeping them on their schoolwork, now, there is interest.
Whether the change is good or bad for our medal count is not terribly important. Sports are for entertainment. Our economy, technology and military are where national power comes from.