You're correct. Our immediate over lords until the Chinese decide to turn the United States into a parking lot.
The Chinese...hard to answer...the government encourages, lying, stealing, cheating on tests, and there is a corporate culture of non-innovation, just take existing tech or someone else's idea and market it as your own.
This is not good in the long run. Add in hubris, and what you see is the proverbial new kid on the block, with new money. This kid tries to impress others with a new Porsche or Ferrari, that he cannot drive. New clothes, which look don't fit, and tries to be hard, but cries like the paparazzi that Kanye had a tussle with. In short, someone who is paper thin to but the ones who are ignorant.