alt Hacker NewsFalcon-9 first landed in 2015 and was regularly landing within a couple of years. So being 10 years behind means "almost ready to go".
suborbital Yuanxingzhe-1 landed may 2025, and orbital Zhuque-3 was really close to landing in December. Long March 12A also tried in December although it wasn't as close to success.
So if China is 10 years behind, they've caught up. We won't know if they're 10 years or further behind for a couple years more, though.
And while China may be 10-15 years behind on their Falcon-9 equivalents, they're likely less than 10 years behind on their Starship equivalents.
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The first rocket may take off sooner than 2040. But Starlink is not just a rocket, it is a complete business process, with a launch regularity and price. A Starlink satellite's worth of space on a Falcon 9 costs 500k-750k. With about ten thousand satellites, which last about five years, this means maybe a billion and a half per year spent on the space arm of the business, not counting ground stations. If they had to spend, say, ten times this, Starlink wouldn't be profitable today. And that's pretty much reality: the Ariane rocket costs ~$100m to Falcon's ~$15m (nobody knows what Zhuque-3 costs); I think cost per kg is 5000 vs 900. You could get it down to ~1.5B a year by narrowing it to just the latitudes overhead the EU, but then you cut the potential revenues too and have the same problem.
China is a full blown superpower and it should surprise no one when they catch up to or surpass the West in technical feats.
China also had made industry espionage their way to go in these things. They are not even hiding it anymore. It's almost comical how much they copied SpaceX. And I'd be surprised if they hadn't supply-chained themselves into some level of access in all the big aerospace corpos by now. But Europe? Developing this kind of stuff from scratch in a few years without an unregulated messy startup ecosystem and no army of state sponsored hackers? No chance.