My takeaway from China is democracy is less important than political competition. Between Mao and Xi, the CCP had the latter without the former. Today, America has the former and is struggling to keep the latter.

Yes agreed. But competition for what?

I'd say for the good of the majority of the people.

In other systems only those on top profit (maybe 10-20% max) even if they claim otherwise.

Thus democracy, through competition, aligns the leader's incentive with their people best.