Earlier quoted context omitted.
China is still quite far from monopolizing hardware production
Can you buy a laptop or phone not made in china, not made from parts from china? At a regular store not some weird nerd laptop for normies.
China has mastered lower parts of the value chain, but the most advanced and profitable ones (chips, turbines, frontier models) are solidly dominated by the US and its allies.
That might change, but when? The demographic and economic advantages that helped China rise quickly are exhausted. The Chinese economy is struggling to unwind the property bubble and manage a huge amount of surplus production that can no longer be sold to the US. The country is shrinking in population. Urbanization, which was previously a sure fire way to achieve growth, is now at ~70%, compared to the US' 80%.
It seems unlikely that China will be able to fully supplant the rest of the world unless the government relinquishes its tight control of the economy. There's just not enough centrally-plannable growth left.