• China is rapidly closing the technical gap with the US on submarine advancement.
• Strategic Analysis Australia Director Michael Shoebridge made the statement.
• The development may impact global naval power dynamics.

This development may indicate a significant shift in the global naval balance of power, as China's advancements in submarine technology could challenge US dominance. The implications suggest a potential increase in China's ability to project power and influence in the Asia-Pacific region, which could have far-reaching consequences for regional security.