However, the question becomes which kind of product. I'm reminded of a popular "China's Got Talent"-style of show that included audience participation and voting, which the government shut down because it made them uncomfortable with the idea of regular people getting used to democracy. That's the kind of thing that chills cultural development, especially when an entrepreneur has to consider the possibility that huge sums of time and money spent on their passion could be flushed down the toilet because the communist party disapproves.
This would not be as much an issue for engineering products, and few I think dispute China's capability to innovate. I just don't believe global consumers will choose China over USA, Europe, Japan, South Korea, and so on.
That seems pretty short-sighted. Maybe you're quite young, but 15 years ago korean cars had a shocking reputation, and japanese 20 years before that. 10 years ago I wouldn't have even considered a crappy cheap korean television, now LG and samsung are tier-1 brands. And subjectively the label "made in china" doesn't have the negative ring it seemed to just a few years ago.
Consumer sentiment can change pretty fast.
That being said I'm not sure they'll be able to muster the same cultural - ahem - revolution. For example, South Korea makes LG TVs to watch their country's popular soap operas on.
When I studied Chinese I streamed mainland TV to get accustomed to the tones, and after a while I felt a reminder of "1984" about the dull propaganda books and movies that were remade by the party every year with different names. Basically, it sucked.