saving weight is the best thing you can do. Weigh the bike - it's not at all uncommon for such bikes to weigh over 20lbs - possibly half your child's weight. Imagine riding a 70lb bike.
Personally I would bin the forks. They look the part but are heavy and do nothing, similarly swap out the BB to a light one like UN72.
For brake levers, make sure that the reach is right - most children struggle to squeeze the levers as their hands are small and not strong. But it looks like it has the brilliant Tektro levers for children as on Islabikes. The best cables you can find helps hugely.
Ride it or milk it!