I agree with the non zero-sum point, however...
China is facing a demographic catastrophe.
Strongly disagree. The view on the ground in China is great. Almost everyone has their material needs exceeded, many sectors of infrastructure are second to none, education and internationalization of tastes is increasing, and the society is generally very safe. E-vehicles and e-commerce are everywhere. Rent a bicycle for nothing. Visit the tropics, Himalayas, desert or snow with a cheap domestic flight. Cuisine is arguably the most extensive in the world. Mobile payments are ubiquitous. Internet is cheap to free and literally you can get a signal anywhere. Yes, of course like anywhere it's not perfect, but it's really a far cry from America's stagnant and elitist education system, crumbling or monopolistically privatized infrastructure (eg. transport, medicine), and widespread opiate, gun and race problems.
(FYI: minimum wage in most Chinese cities for an unskilled foreigner with any kind of get up and go is 200CNY/hr (~USD$28/hr) these days... a great many western workers are on less than half of that, and would do very well to migrate.)
so many fundamentals count in Americas favor
I would like to hear what these are supposed to be. Having elite universities doesn't count if you rent them out to all comers, default English doesn't count if more people speak it overseas, VC doesn't count if it's easier to get elsewhere, and land isn't needed if your population is already happy to urbanize with extreme density. China owns the world's supply chain and manufacturing, has a highly efficient centralized form of government that can get huge or long term projects done without recourse to political terms, and leads the world in output and deployment scale of renewable energy systems (hydro, solar), modern transport infrastructure, robotics, internet, mobile payment and e-vehicles. Those are some pretty big fundamentals, too. From my perspective all the US really has are systemic global financial and communications surveillance capabilities and a big fat army. Their diplomatic trajectory is nothing to write home about, either.