There is little doubt that China is already growing into a great world power. The USA sees this growing dominance as a threat.
In my view, there is room for both. Already, Europe and the USA buys lots of goods from China. If the supply of semiconductors from Taiwan was disrupted, the whole world would suffer.
Behind all conflicts is insecurity.
Russia feels (illogically) threatened by the west. China feels threatened by the USA. The USA feels threatened by China.
Why can't we get along in peace? We all need to invest heavily in alternatives to fossil fuels and not waste our money on blowing each other up!