The awakening Chinese Dragon is angry over the colonial exploitation and degradation of China, though they certainly resulted as much from Chinese decadence (are you paying attention, Europe and Leftist America?) as from Western expansion. I think the Chinese interest in creating a colonial pied a terre in Long Beach was motivated by the urge for revenge as much as anything else.
However, such obvious constrasts as Hong Kong vs. mainland China and North vs. South Korea have not been lost on the Chinese leadership, and they have shown a remarkable pragmatism, which is both refreshing and alarming.
I think the U.S. and China will be competitors for a long time, but, if both nations remain stable, pragmatism could keep the competition peaceful, and perhaps cooperative.
India, whose economy is growing, whose population will surpass China's within the near future, and which is China's neighbor and thus competitor for resources, probably poses a greater threat to China.
And Russia, with a decreasing population and vast natural resources just across the Chinese border, is probably threatened most by the awakening Dragon.
Perhaps we will be revisiting the concepts of MAD and peaceful coexistence. The alternative is not appealing.