For China to be as developed as Korea, Taiwan or Japan would mean for its GDP per capita to be roughly on par. A quick calculation shows that if China GDP per capita were to be on par with that of Japan, its overall GDP would be 3.5x bigger than that of US! Which mean the ability (for instance) to spend 3.5x more on the PLA than the US on its army without impacting other budgets.
China still has a long way to go, but it actually has a shot at getting there (contrary to Japan). I think (very personal theory) that the US managed to become the de facto only superpower standing simply by virtue of being the biggest developped country in the world, by far: France, UK, Germany or even Russia are very small (population wise) compared to it. Hell: France, UK and Germany put together are still small compared to the US.