That's valid, but the US might have peaked as well, considering recent internal turmoil.

China is totalitarian/single-party, not very Communist anymore (central planning of economy? Wages and welfare predominantly provided by the State?), and getting less Communist every day. China's CCP is as Communist as the US Greens are "green" or the Democrats are "democrats" vs Republicans being "republican". At a glance, China is converging with US, with China becoming a single-party-rule corporate oligopoly, and US becoming a libertarian corporate oligopoly.