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Why exactly is China an enemy? They want to increase their standard of living and expand their sphere of influence. That doesn't have to hurt the US directly. What it may undermine is the idea that the US gets to unilaterally steer the developed world.

On the other hand, perhaps that's a burden the US should be excited about tossing off. It's expensive to be the World Police, and it's left them with a lot of strained reputation and burnt-through leverage. It also requires them to do a lot of "lead by example" stuff that they seem completely disinterested in (industrial policy, forming consensus, trying to present as a magnanimous moral model).