That will only get you so far.China does not have to meet the per capita rates of wealth generation of the more liberal Asian nations for the CCP elites to live extremely well or for China to dominate the region. It could be very stable as a Nationalist/Socialist/Conformist middle-income nation.
China has expressed and invested in global domination. They fueled their population towards invading Taiwan which means being stronger than the U.S.+Taiwan + Somehow pulling such a massive amphibious invasion off.
Growth is the only language the CCP can sell and if they stagnate around "stable and steady" then it won't be enough to fight against the West & fullfill local desires.
The U.S. is certainly going to love that outlook.
Look at how they handle Covid, people are going crazy.
Without the U.S. navy, China would've invaded every nation around the South Asia sea that doesn't recognise it as 100% part of China incl it's resources.