This is their best chance to escape their coming economic trap. They control so few actual resources beyond labor.

Is that actually the case? I am not sure how many resources china has in their own country (I assume there are a few with it being this vast), but I think they are tackling the resource problem more so with their investments in Africa and other poor countries. And because of the war Russia also has fewer countries to sell to besides China.

I think the true longterm problem is actually with the cheap labour force you mention. As the standard of living rises, so do wages. And more importantly they’ll experience the same demographic shift other developed countries are currently experiencing with an aging population. With the difference that it’ll be worse for them due to the one child polic.