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East Asia, in general, has severe demographic issues. I think South Korea actually has even lower fertility rates. I've read that if the current fertility trends continue, East Asia is facing the most rapid intergenerational population decline in human history. The current record holder is the Americas after small pox arrived.
As bad as the brain drain is, it could easily be much worse. I went to grad school with many brilliant Chinese students who almost all were hoping to get academic jobs in America, because our current visa system would then let them stay indefinitely. Most of them would have been happy to take industry jobs in America, but then they might get deported if they don't win the visa lottery. The result is that enormous numbers of brilliant Chinese graduates have to go back to China every year, despite wanting to stay and employers wanting them to stay.
Super good discussion of the short and long term problems facing China.
TL;DRTL;DR
China's liberalization was a major success story, but has recently become a problem as China starts to de-liberalize and return to Maoist policies. This trend exacerbates several existing short term and long term problems for China.
Short Term ProblemsShort Term Problems
Long Term HeadwindsLong Term Headwinds
ConclusionConclusion
China is facing numerous concerning problems in both the short and long term that can only be cured by a return to the process of liberalization that made them wealthy in the first place.