Yes, it will. The world’s leaders have been bought or threatened to make China the dominant power.
You are correct. The USA and, in turn, the dollar, are being systematically attacked and are crumbling.
China is certainly a manufacturing powerhouse but it seems doubtful it could ever “rule the world” when it steals almost all innovative intellectual property from the USA.
America is full of millions of Chinese spies stealing our technology.
If they are going to take over the world, why can’t they create on a scale proving their world dominance?