Having lived in and worked daily with the former for about 15 years from 1985 to 2000, and the latter for a similar period afterwards, I would say: don't bet on it. Culture matters. And China has demographic scale problems that dwarf those of the Japanese. But! We'll see!
I wouldn't bet on it. Japan was making state of the art products by the 50s - within 15 years after the war. I've heard people say that China is going to become the next Japan for at least 15 years and it's still not true.