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China.

It would be a folly to dismiss it.

China is massively invested in the US. It's hard to imagine any war scenario being worth the cost.

And its decoupling now. See: Trade War.

How is China a military threat? This again seems to be on offense.

There are a million reports like this:

The summary provides nothing that wouldn't be USA again on offense. Modernization of Chinese Navy != Threat.