China is an economic threat because corporate America handed them all the required tools. The corporations could do that because they bought enough legislators and even a President to make sure it happened. Now the corporations are strip mining American wealth to invest even more in the growing Chinese economy and the legislators are making sure that continues to happen. On top of that US universities welcomed full-price foreign students, which also allowed tuition and student housing inflation, to train as competitors to the US to go back to China with top American technology insights.
The serious threat to the US is the US and the US alone.
If there is consideration for military threat from China - that won't happen until the US corps have drained the most they can from the US economy.