Now these are not the same quality as true American-made tools, but they are a close second.
Next, think about what the war in Ukraine has taught us. Cheap drones and only semi-smart munitions can do 90+% of what our expensive ones can do. Of course our military targets are harder than Russian ones, and cheap drones/munitions will not work as well as against Russians. But what about when China uses their "cheap" munitions against undefended US cities? Against shipping into US ports? Remember, the winners of a war never go on trial for "war crimes". Now think about salaries in China vs. in the US, especially military salaries.
If I had to guess, it would be that $1 of military spending in China is the functional equivalent of $5 of military spending in the US, maybe even more.
So, recalibrate that chart you show, multiplying every $1 spent by the Chinese as $5 spent by the US, and they are either close to the US or maybe even ahead.
And, they don't have Joe Biden at the helm. That easily doubles their effectiveness.