As a citizen of a Western nation, living in a liberal democracy, wouldn't it be logical to wish for a nation of similar values to maintain high global influence? Wouldn't it be reasonable to be against the rise in influence of an authoritarian nation that wants the rest of the world to allow it to dictate their cultural norms?
I frankly do not give a damn whether or not China could have benefited more over the past several decades if it would have meant the spread of the Chinese government's values to other nations.
I don't wish for the US to lose their global influence either, I rather like what I get out of that. But I am under no delusion that this is a lucky happenstance and that the interests of the US could change to ones that I am not happy with, and that China, and any other nation will have their own interests that they pursue; Within their moral codes, within their systems of values, interests that we here may judge as wrong or counter to our beliefs, may well be the opposite and acceptable in their origin nations.
So if you want to interact with those nations in any fashion, you need to throw away some of these notions of morality, or at least reify them to things that are relatively universal, of which there aren't as many as one would think on a geopolitical scale. You say that we need to consider where we come from and where we're going. I say that we cannot do that in a vacuum, so if you want to really understand, you have to understand the other side too.
Ultimately, you are forced to make rational decisions based on history and international politics. What hegemony is more aligned with your interests?
It is blatantly obvious that the chinese governance is immoral, and that it is not even controlled by the chinese people. Say what you will about the US, the bigger picture is that one nation is a free-democracy-with-exceptions and the other is a dictatorship that murders political dissidents and harvests their organs. There is no reasonable moral judgement that can be made that considers US dominance to be comparable to Chinese dominance.
In the same sense that there is an asymmetry in the freedom of US/Chinese markets, there is an asymmetry in the freedom of US/Chinese marketplaces of ideas. Just consider the preconditions of this argument: There is simply no equivalent chinese forum where they openly discuss the misdeeds of their own nation, so the anti-American argument is globally over-represented.