China's population is a huge advantage right now, China has figured out how to create a mostly participatory economy so they have 10x the number of brains engaged vs. the US.
Each US citizen must be 10x more productive just to tie. If the US gov were smart, we would make it significantly easier for those with skills to immigrate, but unfortunately we seem to be set on doing the opposite.
On top of that, China is making smart educational choices like making basic comp-sci required. The US educational system is using decades old curriculum or just cancelling classes altogether.
When/if the CCP is overthrown and a democratically elected government takes its place, then maybe China will become the new world leader.
A strict autocratic government is quicker at making decisions and may actually be ideal assuming it optimizes for the long-term best interest of the country and does not become corrupt. Only time will tell if the CCP is able to do this.
China is a really interesting place that has had an incredible meteoric rise, but there are problems.
The Demographic collapse is wildly overstated. China has a workforce surplus and will have one for a long time, so there is no medium-term demographic issue. Instead, underproductive rural farmers will be proletarianized and turned into workers engaged in the economy.
This is a transition that was planned a really, really long time ago. The reason for the One Child policy being continued past the food insecurity times is moreso because there were too many farmers. And even today China has many more farmers than needed.
Here's an example from 2007 where NDT is discussing China's emergence that people were missing at the time: https://www.haydenplanetarium.org/tyson/commentary/2007-08-0...
There was another talk (from NDT too IIRC) I recall seeing that compared the amount of academic papers China puts out. It's a poor metric & there is more low-quality submissions coming out of China, but overall they were set to overtake the US. Expect university prestige to start migrating east to top Chinese universities (assuming they become more friendly for immigration).
This is only a bad thing if China continues to become more authoritarian and starts getting truly belligerent.