Yes they are producing a lot. But they have almost double the population of the USA and Europe combined. And they have had a properly working system during a time of fastly growing economy through more international relations and marketfreedoms. When they take more and more freedoms from the chinese market and their population, I assume this economy will fail. (I am very strongly convinced, that economic growth is based on the wealth of the middle class. And the middle class bases its wealth on individual freedoms. )
Freedoms have been improved for many individuals within China in the last 20 years. It is not the same freedoms we are fighting in Europe or the USA. It is basic freedoms, to live in a house with improved standards, not to suffer from the harsh winters they have, getting enough food and learn to read.
Those freedoms Xi Jingping brought the chinese land population over the last decade. He invested a lot in country side societies and this broght a huge economic growth.
When China now will reverse some of these freedoms again, I do not see how China would not also reverse their economic growth. This is my analysis.