It was USSR before. It has been China since 1990's. An imaginary and powerful enemy has to be created. Iraq, Iran, Afganistan are too small for the title.
I agree that espionage is over-emphasized -- everyone does it. Also I agree that some like to imagine enemies; it fits their narratives. That doesn't make every enemy imaginary.
The USSR was a real enemy. Many Chinese leaders openly proclaim themselves our enemy and they take aggressive actions against us; among the public, aggressive nationalism is at least somewhat popular. Hopefully the relationship doesn't turn out that way, but it's a real risk that I don't think we should ignore.