In my opinion it's a bit utopic to expect China to be the largest economy in the world in less than 10 years. We shouldn't forget that China is a communist country with no free rights for their population. So at the moment the world is not reacting to it as there are more concerning problems like covid pandemic. In my opinion the pressure against China will pick up in the next years probably hurting Chinese growth rates.
By the political system - yes, communists, that mean no elections, just one real party ruling. But by economy - they have a completly capitalists country with protection of rights of ownership, freedom to enterprinership. That is the main difference between traditional communists countries like old-USSR country.
Also we can look for Syngapour, country, that also have not democracy very long tome, it is ruled by autocratic regime, and they begin to one of the richest ecomonies of the world.