China is not going to become dominant by any measure before the end of this decade. In 200, everyone said China would be on top by 2010. In 2010, they said by 2020. It's 2020 now and China is in a death spiral. Their economy is in such flames that even their own economists are getting arrested for calling BS on their statistics, and in the meantime they have the largest senior population on Earth with one of the world's most primitive healthcare systems, no social security and almost no concept of what a retirement plan is.
As for China's education system, take it from a former professor at a Chinese University (me): the average Chinese grad has roughly enough brain power to mindlessly repeat whatever task is in front of him, as long as there is an expat around to tell him where "in front" is.
By 2025, 2030 at the latest, the US and EU will be struggling to prop up a struggling, barely functional Chinese state against a resurgent Japan.