This is well structured and perceptive within the current world perspective. The comparison to the old Cold War is excellent as this will be very different. Unfortunately, this is too closely tied to the collapsing Modern order.
As is common, the focus is on narrow categories of information; here, international economics is predicated on 20th-century attitudes using antiquated criteria.
China has led the planet intellectually and in wealth more times than any other civilization. Their historical database is larger, giving them a lot to work with. That should not be given too much weight, but it is a fact. The result is that they have won the gold ring at the end of the Modern Era.
Sadly they are playing very effectively with the capitalist system but adapted to their historical values of general wellbeing as the prime criteria. America blew that when they wrote off the commons in favor of a vastly wealthy ruling class.
China has done that numerous times also, and it always ends badly. But they are caught now, too. We cannot value cultures based on how much superfluous stuff they produce. That must end.
The goals and objectives of human society and the incorporation of our planetary biosphere's wellbeing require drastically different economic and social structures.
As I said and was admitted here, China has won under the old rules, but that game is over. The victory is, perhaps, twenty years but maybe less unless a major change is accomplished. Hard times require strong and creative leadership but end up with feudalism and short-term pillaging. Unfortunately, that is what will most likely happen in America.
Authoritarian and brutal on some, but figuring out how to get to the future will now be up to China, or we may all lose.