That's also entirely possible, but China has been a culturally potent people for many thousands of years. I don't think it's entirely economy (although a strong economy allows the following).
I think, in part, it's achievements, cultural icons. China invented civilization, and aggriculture, and gunpowder. America invented telephones and electricity and nuclear bombs. It's one big (parden the phrase) pissing match.
The strongest, most egocentric, most successful, always clash. It works that way with people, and with nations.
