I feel like the narrative of the US being a declining power is way overblown in this thread, the most terrifying thing about the American empire is not its front facing presidents and unending list of problems that people think would sink it, it is the army of cold, calculating strategists behind the scene that sets out the overall geopolitical strokes of the country to dominate both its allies and foes alike. Playing its allies off against its enemy and never having to suffer too high a cost to achieve its aims.
Despite all the efforts of its rivals for the past 200+ years, it has not only endured and prospered, but also remain the most powerful military force for 70 years and counting. We may never get another geopolitical chess master like Eisenhower, but rest assured their foreign department is as shrewd as back in the yesteryears when the US would roll over central America to get cheaper fruit. Now only more subtle in its methods so that they can call on their allies that they will stab in the back, all while they enjoy more popularity than ever in terms of soft power. Nothing the US is currently facing is an existential threat to its existence, neither is any problems that are facing China at the moment.
The chess board is never and will never be fair for China, to become No.1 China will need both hard and soft power, so far in terms of soft power China is heavily dependent on transactions with no lasting allegiance from its clients, its non-interference policy stopping the transfer of culture that makes the US soft power so powerful, ask any Chinese person and they could probably name 100 things from pop-culture that is of American origin, the inverse on the other hand, you'll struggle to get more than Chinese takeaway and Pandas. To replace America China must reform its propaganda arm to spread it's culture around the world, there are a million things that are way more interesting about Chinese art and history that would put the fake qigong and unscientific traditional Chinese medicine cashcow to shame.
If China can convince the peoples of the second and third world that Chinese culture and by extension its government is superior to the Western narrative, it would go a long way towards the aim of displacing the US, no amount of chest thumping and wolf warrior diplomacy is going to achieve that goal any faster.