I hold immense respect for China, because I think they're achieving great things. I also think there is a high probability that they will be the first society to start creating permanent off-planet colonizations, which is what will probably signal the birth of the next era of humanity, so that in the future a name like Wang Yie might lie right alongside Neil Armstrong.
On the other hand I certainly don't think the US should emulate them. It's important for the world to be multipolar, not only in alliances, but also in ideology, perspective, and behavior. What will happen to China once they inevitably find themselves with a leader who is not socially motivated, or who is incompetent? In such a centralized system outright collapse is not out of the question. Or perhaps they'll be just fine? Who knows? By maintaining a wide diversity of systems across the world, I think we maximize our chances of collective success and minimize our chances of collective failure.