You underestimate China. They have a space programme, with considerable input from Russia at the start, but with plenty of Chinese input, and it may well surpass the Russian one, given that they plan to send Taikonauts to the moon.
So what, they have a space programme, and...?
Technically Chinese companies are leaping ahead
'Technically' in what way, what products are they inventing, what industries do they lead in?
and quality on Chinese brands can be excellent.
'can be', they can also be full of banned toxic materials and far from the declared and required quality standards (speaking as someone who has tested Chinese products)
but look at what happened here. In ~2007 the Western system nearly collapsed
Well, except that it wasn't more than a hiccup and it did not collapse.
Someone has Chinese rose tinted glasses.
You are probably not old enough to remember, but this country had huge problems with pollution and health issues during our industrialisation.
But we didn't have a billion people, didn't produce a fraction of the industrial volume of pollution that china produces, desertification and a government intent on spending billions on empty cities.
China's environmental problems are an order of magnitude greater than ours was.