Paul Frijters argues that China has got a lot of long term strength behind it, which means it will beat the US in the long run in any "one on one" power fight. His concluding paragraphs:
So if you look carefully, America has no chance of really ‘winning’ a cold war against China. If the US teams up with Europe, which is still the likely longer-run scenario, it can hold its own against China. If it furthermore teams up with large parts of Latin America and India, it will for another 20 years or so be the largest player in the block facing China.
So, the US is no longer the biggest single economic or political player on the planet. That mantle already belongs to the Chinese whose only competitor this century will be India. The Americans just have to get over it, and the current phase of denial was probably inevitable in their grieving process. We should help the Americans get over it. Part of our task as allies.
In many ways, the relative weakness of the Americans is probably a good thing. It bodes for a relatively ‘warm’ cold war that makes it easier for the Europeans to push the US from its dominant Internet and financial positions, paving the way for a more multi-polar world where large blocks keep each other in check. If the Europeans can limit the damage that the Americans will inflict in their grieving process, there are good reasons to be optimistic about peace in the 21st century!