The problem is more that the rest of the world cannot absorb more chinese exports, which force the chinese to have to do consumption based growth. Changing direction of growth like that is not simple.
Not only is changing direction extremely difficult, service based growth is far slower compared to manufacturing based export growth when you're coming up from nothing as China did, starting from $300 GDP per capita in 1990. They were able to tap into virgin (to them) export markets in the US and Europe. As you noted, there are no more well-off consumers to provide for their export growth, that party ended in 2009 or so.
