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The only thing right now that seems to be happening is a possible lost decade for China. Public debt, including provinces, is at 200% of GDP, the country is in a mild deflationary cycle, infrastructure is built out, retirees are becoming a large percentage of the population, most tech firms replaced their CEO's with party loyalists, and economic rivals are seeing their currency depreciate.
There will probably still be some economic growth in China, but it will be a lot more limited.
That said, this requires the USA to not be stupid, which it seems to be doing right now.
The only thing problematic is the CEO replacement.
China can deprecate their currency however much they want by buying whatever they want in other countries.
With the infrastructure built out, they can focus with full force on developing any technology that they don't master yet.
All the western profits will vanish. That means crisis for the west, not for china.