The primary concern we should have with China is their active program to control the Western Pacific with their construction of fake islands around which they claim territorial rights.
Frequent and even continuous freedom of navigation cruises by our navy and those of our allies will help to delay this, but at some point we have to go to the UN and demand that the nations of the world collectively enforce an elimination of these fake island bases.
Wait long enough and it will be too late to do this without a major armed conflict, which the West will be very unlikely to undertake, however much this imperils our weaker Pacific allies. The Chinese are well aware of this and are planning based upon it.
WRT the economies of China and the US, while one may be little more than the roof over the vaults of Notre Dame, the other is no more than a house of cards with real debt levels that would make our Secretary of Treasury faint.
Our quasi market economy will survive the next global downturn far more easily than the command and control regime of what remains Communist China.