This isn't their first time (the ARJ21 was). Will COMAC succeed where Mitsubishi (Japan), Bombardier (Canada), Sukhoi (Russia), and Lockheed (USA) have failed? Maybe. But China's set a deadline of 2025 to have their own homegrown product in service and it's doubtful that specific goal will be met.
The western aerospace industry is hardly betting against China here. I think Airbus was expecting COMAC to be competitive by 2020. Hell, a huge part of the reason that the 737 MAX exists today is that the Boeing CEO thought China was their biggest threat.
Change since thing is Hyundai builds decent cars and a lot of other heavy industrial goods. And the United States has regressed because we believe the free market will provide while the third generation post war management class loots everything not nailed down.