Ship building is not the same technology level as spacecraft. China famously exclaimed in 2019 that they will be able to duplicate EUV in a few years, when dutch introduced EUV restrictions in China in 2019. Still nothing from China on EUV. Still nothing from China in terms of plane engines. Their new carrier in 2024 is still just a "demo" carrier, not to be used in real combat.
With the 50-70% youth unemployment [1], private enterprises dying [2], and dictatorship in China, scientists will either become disillusioned with work and lay flat, or flee to other countries.
[1] Chinese professor says youth jobless rate might have hit 46.5% (2023) https://www.reuters.com/article/idUSL4N3960Z5/
[2] https://www.barrons.com/articles/chinas-private-sector-is-lo...
Nevertheless they’ve got their asses kicked by Starlink so I’m sure they’re trying to figure out how to make their own.
They currently rely heavily on small hypergolic rockets. It's really hard to tell just how scared people should be of China's rocket program. On the one hand, they undoubtedly have a lot of very smart people. And they don't seem to fall in love with boondoggles like SLS/Orion. But on the other hand, they seem to be really stuck in the past for a country with so much advanced space tech.