From what I can see here in the Philippines, they are already upping their game. Some of the new models bear no resemblance to what was produced a few years ago.
Quality of manufacture and design have both improved a lot, although still admittedly below that of the best Japanese bikes.
I hear the cries of 'junk' that seems synonymous with Chinabikes, but that is as much due to the importers asking for the cheapest possible prices.
I have ridden some chinabikes from a few years back in SE Asia that really were junk, but we have also owned more recent models, that seem about as good as a lot of the Japanese (actually Philippines / SE Asia / China sourced parts and sometimes complete motorcycles) bikes and much cheaper.
From a world wide perspective, it is likely the Euro bikes (and increasingly the Jap bikes)are already largely irrelevant, as they represent a small and shrinking slice at the top of the overall bike market.
The overall majority of bikes sold worldwide are at the smaller / cheaper end of the spectrum, and here the Chinese are selling ever more (and increasingly better) machines, whether that is Asia, Africa or South America.