Slightly off topic - I'm not sure I've heard the gov stating it plainly in the recent years: "the People's Republic of China is an adversary of the United States" (from the bill). Did I just miss it / glance over, or is this out of character for officially released gov documents?
There are often a lot of weasel words used instead. In US Defense circles China has been described as a "pacing threat" over the past few years: https://www.defense.gov/News/News-Stories/Article/Article/26... I guess that's one way to describe the tense rivalry without completely calling your most important trade partner an "adversary".
China should fall pretty quickly behind Europe as well this year. China's economy has fallen off the cliff - 80% decrease in foreign orders, 20% official youth unemployment rate, 50% reduction in home prices, 80% decrease in government land sales
China is no longer a partner to US, but a competitor and adversary. To Europe and Japan as well. China made that very clear when they announced unlimited friendship with Russia last year.
It's Russia + China + Iran vs Europe + US + Japan + Taiwan + South Korea + Australia + Canada