China could easily reach superpower status. Look at what the USSR did between 1918 and 1950! China is in an even better position to become a dominant world player. Will it happen? Who knows, but the potential certainly exists.
Economically, China is a powerhouse.
Militarily, they are focused on being a regional power. This certainly fits in with that concept. If these missiles are accurately deployed, they could certainly be a regional access denial weapon...or inflict some serious damage if it came to a shooting war.
We will see if its capabilities are actually what they claim. It's hard to say from an early information release.