I wouldn't consider Sandy Bridge, Sandy Bridge E, and Ivy Bridge to be significant developments, more minor tweaks IMHO. IBM's on the same road to 14nm ... probably ahead of Intel given the "IBM Fab Club" (Globalfoundries, IBM, Samsung). IBM are already working beyond 14nm and 450mm wafer manufacturing. IBM has double-gate, Intel has Tri-gate.
Perhaps not falling asleep, but leaving the door open ... which is what delays do.
As far as China, it's a country that has economic growth only due to cheap menial labor. I hope China is aware that cheap menial labor is being replaced by robotics and computers so their economic growth is going to be short term unless they find some other way to keep their GNP up? The entire purpose of technological growth is to reduce menial labor task (automate them) ... and that process is going to be considerable more cost effective (and faster) then low wage menial labor. Guess who is designing and making all these automated/robotic devices ... give you a hint, it's not China. 😉