Chinese engineers didn't make the hoverboard. If anything the hoverboard example disproves your example as they just copied the hoverboard from foreign companies.

I know what you're point seems to be even though you aren't communicating it very well. I do think you're missing the fact that producing goods cheaply does not make you a leader in tech. Besides quick fads like hoverboards or fidget spinners China does not have much traction with actually producing and selling products. Things might be made in China but they are designed by foreign companies and the vast majority of the profit leaves the country.