China is a threat, if you live in Taiwan. They lack the ability to project force any further than that. You pin down IR guys on this issue they eventually relent and suggest actually the biggest issue with China is that their claimed zone of control includes a lot of ocean trade routes. But honestly, Xi has been better for international trade than any US admin in the last 15 years, I don't see them doing anything but protecting it. They are like 100 times less threatening than the USA, and that was before president tantrum, who has acted (quite recently) to destabilize global trade.