https://oxfamblogs.org/fp2p/wp-content/uploads/2020/07/Yuen-...
Chinese corruption focuses on access money (steroids) to coordinate massive development projects and a cadres ability to graft is directly correlated to their projects success. The flip side is pervasive corruption is socially destabilizing as recognize in the 2000s, which is why Xi inaugurated his office with the anticorruption campaign. Yes, there was some power consolidation involved, but most of the effort was genuine - CCDI has investigated close to 2,000,000 officials, even Xi doesn't have that many enemies. Despite some terrible human rights campaigns that affect <1% of the population, this is very much the "better" timeline. The legal system is being improved, it's _not_ (<-edit) going to be modelled after the west, the most optimistic outcome is Singapore, whose political institutions has trained 50k+ Chinese officials until a few years ago. Incidentally, Singapore style single party dictatorship was about the best HK could have ever hoped for - people keep insisting HK's role as financial centre is predicated on it's western values yet in the same breath suggest HK's loss will be Singapore's gain. Authoritarianism + capitalism are absolutely compatible.
Your last paragraph hits the nail on the head, western institutions are failing. They don't have to be, but as long as they are, China will be more reassured in it's model.