American's dream for a open and democratic China is long dead.
There already is an open and democratic China across the Taiwan straight. And the USA has a looong history of rather ambivalent relationship with it, starting from the Chinese civil war (to the surprise of many, US has sided with Mao for quite a number of times)
For long, US policy was to purposefully keep the Republic of China weak, vulnerable, and dependent.
Were the US even 1% genuine in their commitment to seeing democratic China, they would not be consistently setting up Taiwan to be undermined politically.
This is now precisely what is changing.
Doesn't look like US politicians today are willing to throw Eastern Europe under the bus to flip Russia against the PRC like they threw Taiwan under the bus though.
The US manufacturing sector is 11.6% of GDP, so 2.33 trillion dollars PPP. In China, it accounts for 40% of the GDP, so more or less 10 trillion dollars of manufacturing output PPP (!). This is a manifold advantage.
The reason why this is to be done is because if you wanted to build say, a tank in the US vs China or Russia, you would need many more dollars for the exact same tank. So measuring manufacturing output must be done PPP.
China also doesn't require any naval transport from oil shortage. Indeed, it very conveniently has a major oil exporter to it's north. So unless you would wage war on the Russian and Chinese mainland, you have no hope of completely starving China of oil. You might reduce the amount of oil they have, but they have enough reserves to last until a tripling of Sino-Russian pipelines.