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I don't know........
China does represent a growing threat to global and regional US hegemony.
We've known that.
And we've known that every dollar spent by the US in places like Afghanistan, Iraq, Syria, and Yemen are dollars that aren't necessarily achieving a positive return on investment....which leaves fewer dollars to counter China's rise.
But China's got its own set of serious vulnerabilities...very serious.
I'm left thinking of the late 1980's when everyone thought the US was going to be supplanted by Japan, RIGHT before Japan had their share market and property bubbles popped and have been treading water for 25+ years living off their massive domestic savings rate "fat" in their long slow demographic decline.
The late 80's Japan threat was WAY overblown.
And while the China threat is FAR more real that Japan(China buying REAL assets rather than Pebble Beach Golf Course, Rockerfeller Center, Ferrari GTOs/Picassos at the top of the market), China's unique vulnerabilities(disasterous/corrupt banking sector, lack of genuine self-less nationalism, and a demographic wall that make's Japan's look easy in comparison) will rear their ugly heads at some stage.
China's got a LOT of domestic issues to stay on top of. A LOT. Which can be quite distracting. Hopefully very distracting.
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