China is undeniably an economic superpower, but America will retain hegemony because of their cultural dominance over the world. America, Canada, western Europe, Australia, NZ are essentially extensions of the same people.
On the other hand, places in south east Asia like south Korea, Japan, Taiwan, Philippines, Vietnam, etc have antagonistic feeling toward Mainland China, if not genuine hatred. If America were to get blocked from creating designers babies by its people, it would force China to stop their process through sanctions. Taiwan, south Korea and Japan would outright support America in a standoff against China, it is tough to have a hegemony if all your neighbor's despise you, could you imagine Mexico or Canada supporting China over America in a dispute?
Covid + the Uyghurs really hurt China's reputation and the narrative of it being this relatively benign superpower wanting trade in comparison to violent America, people are viewing them through completely different lenses over the past 5 year's, which indicates their leadership isn't as infallible as people think.