The economic miracle of China over the past few decades actually boils down to two things.

First, exporting production capacity worldwide to earn money from developed countries.

Second, leveraging the entire population in real estate to earn the future thirty years' income of ordinary people, which has now been spent.

This is the true prosperity seen over the past few decades.
But it is also an inevitable and unsustainable prosperity.

After all, you cannot become the sole supplier of the whole world, and the purpose of globalization is not for one country to monopolize global supply. This is unrelated to cost, unrelated to technology.

You also cannot sustain high leverage indefinitely; human lifespan is limited, and you cannot add fifty years of leverage. Given the current birth rates, reducing leverage is inevitable.

So, the current economy is stuck here, and we can only trust the wisdom of future generations.