I agree with most of what you’re saying. I would just add that much of the US’s power comes from cultural capital. New York, Hollywood, the widespread use of English, tech companies that rely on free speech (e.g. Twitter or YouTube), and so on. I’d argue that it is impossible to separate culture from technology.

I don’t believe that China can ever get remotely close to this cultural influence if it retains an authoritarian system. The artistic ecosystem will never form.