IMO current US leadership isn't too far from a 'centrally commanded dictatorship'.

Yes, China has many problems by their rise is exemplary. Especially in being the world's factory and having such a large export surplus. Their foray into dominating steel, high speed rail, solar panels, batteries, electronics e.t.c

They seem to be making good bets on the future, while US is holding on their bets from the last century.