The Cold War was a competition of soft power and hard power between the Soviets and the US, it seems to be going back to that again between the US and China, but more so Soft power and not as much hard power.
stories of the US demise are exaggerated, especially when the US makes up 19-22% of global GDP. (The British empire fell when it only made up 7-8% of global gdp and it was heavily indebted after WW2)
china’s economic and technological rise is the most threatening thing to the US, especially if it master key industries like aerospace engines and the latest chip technology, which the Russians really couldn’t do.
ultimately, if the US goes into a focused competition with China, doubles down on soft power and wins the trust of many nations, especially in Asia and Africa, it can stunt China’s easy growth. China will then have to get more flexible and offer these counties more aid and not as much loans to win them over, and the US still has the larger check book, or willingness to give out aid then China. Remember Soviet aid won it allies in the developing world, China will have to do more of the same if it wants to keep up with a US lead western and Asian alliance that makes up most of the global GDP.
the last 20 years were a distraction and a time that could have been better spent preparing to deal with China, rather then facilitating its rise.
Now we are back to great power competition, and as much as things change they remain the same. Only, now with a viable alternative that isn’t based on ideology, when countries and peoples lose trust in the US, especially due to the careless application of hard power, they will turn to China more and more.