Not sure what your focus on the treasury is, the Chinese state exists on its centrifugal force of action, which isn't reliant on mere balance sheets, just like budget deficits will never bring down the United States. It's the social conditions that matter, and those aren't favorable anywhere, let alone undergirding a fantasy of Cold War. Birth rates in the US are and have also steeply declined, and it's not merely because people are more "educated". "It's the economy, stupid."
The post-Mao CCP state relies on concertive control and diffuse authoritarianism coupled with bread and circuses to maintain stability above a certain threshold. Obviously China has some capacity to go full totalitarian given its massive state organs, but this would be a last resort and therefore the real test of the Chinese model. Throne of bayonets and all that. In a global market capitalist society, China collapses last, after it loses control of its supply chains as the world system disintegrates. Rather than a traditional Cold War, you should be thinking in terms of a new world order that can subvert and obviate Chinese mercantilist aspirations and preserve our civilization in the long term.
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