This outcome is probably the end result for either scenario. The degree to which China is dependent on the US has been steadily decreasing. There's no law of nature that says the US will keep winning and have its advantages forever.

Except for the whole military superpower thing. The US is actually in a somewhat unique situation compared to other countries.

One could easily have the impression that despite this, China has never really given a rat's ass about being in the good graces of the US, and that when they do relent it is often the case that they do not do so in good faith at all. If they comply with ethics and human rights, it's to the absolute minimum of that and in an underhanded way designed to undermine, but often not even that and they're just cheating and good at hiding it.

In other words, not much would be lost except the devious lip service.