If China's 'trick' was little more than knocking off US tech and having cheap labor then every country in the world would be on their way to becoming an industrialized superpower. Their progress is even more phenomenal when you consider their recent history. Less than 60 years ago Chinese were literally starving to death by the tens of millions as the country's government decided to try out socialism. And their technological acceleration did not really begin in earnest until the late 80s.
I think the fable of the tortoise and the hare if not for the fact that we can see that tortoise is certainly not exactly inching along anymore, yet we continue to mock it?
[1] - https://www.compareyourcountry.org/pisa/country/USA?lg=en