2023 is literally the first year that China's population is expected to actually decrease. While this won't immediately collapse the economy or similar it's very difficult to continue economic growth while they're projected to be losing around 600 million people over the next 80 years. The industries they're known for all require cheap labour, which is not something that happens in a tight labour market.

They're going to have to focus on transitioning into higher value industries, but the level of education simply isn't there to do this successfully. Only 8% of working age Chinese people have a bachelors degree, and less than 1% have a Masters or Doctorate. As of 2023, more than 50% of working age Americans have a college degree, and 12% have a masters or better.

https://www.macrotrends.net/countries/CHN/china/population