Assembled in the USA from 100% Chinese parts.

There's also the very real and sensible narrative that China can rise very far by just copying what the industrialized world knows how to do. And that actually has driven a huge economic rise over the last 25 years, easily the greatest reduction in human poverty in history. That process hasn't reached its end yet. So it's easy to justify any optimism by pointing out, obviously truthfully, that China can just continue on the path that they've been so very successful on. That covers over any self-deception based on the reasons you mention, or other reasons (such as the seductive belief that a tightly-managed central system is more efficient and goal-achieving than a decentralized system).