This paper assesses the evolution and current situation of the Chinese research system, mainly the academic research system from 1996 to 2017, using trend analysis and the revealed comparative advantage (RCA) index. Despite the impressive growth of China's knowledge capability, as measured by the number of publications in the international indexed literature over the past four decades, the country is still in a catching-up pattern with the world's most advanced research systems, instead of being a full-fledged scientific superpower. The analysis shows that China's publication growth has been to some extent inflated, as it was boosted by the inclusion of Chinese language journals in the international indexed literature. Therefore, this growth should be considered in a more moderate light. The competitiveness of China's disciplinary areas appears somewhat stalled when comparing the 1996-2000 and 2013-2017 periods, during which the same STEM-related disciplinary areas were the most competitive. This finding reveals not only a specialised knowledge structure, typical of catching-up countries, but also underperforming and neglected disciplinary areas in the social sciences, humanities and health sciences from a research funding standpoint. Based on this assessment, it is recommended that policymakers and university administrators change their focus from research quantity to research visibility by allocating funding in a less concentrated way to STEM fields, while promoting collaborative initiatives that can encourage the qualifications of academics and the visibility of the knowledge they produce.