Japan and West Germany (their labor rate in the '50's was much lower than ours) gave it up, so dont be so sure.
Why on earth would China give it up? It's beating us at manufacturing? Hope that they give it up to justify the sinking ship of Free Trade? Just like they'll revalue their currencies? :)
Those were capitalist societies, who wanted to enhance societal wealth. Communist China's intentions are markedly more inimical, and adversarial...expressly wishing to displace the U.S. as the pre-eminent global power. The talk about the U.S. "Hegemon" is merely envious projection of their own designs.