If the West wanted to keep China from progressing, they should have done it 20 years ago. China now has the manpower the know-how and the funds surpass the West economically
China will almost definitely be on par or even cross the USA/Taiwan capability in chip manufacturing.
The only loser in this scenario is the US, both short & long term.
20 years ago, I wouldn't be so confident about china prevailing. But I don't think any reasonable person will bet against China.
The fall of China has been greatly exaggerated for more than a decade or so. Yet they are still here, doing mostly fine.
I don't have to agree with their political/human rights situation to marvel how far they have come and still going strong.