Most of China's rise was due to the incredibly fast-growing population. When there are more and more people, companies logically generate more and more sales on average because the market is growing. However, this is currently reversing and the population is expected to drop massively from now on. In addition, China is anything but liberal and the less liberal and the less free the market, the slower the growth. All the way to communism, where there is virtually no growth at all and everyone is slowly becoming impoverished... I still have a 10% allocation to China through my EM ETF, but you never know what the future will bring, but it doesn't look too good at the moment.