Actually...not.
The arms race that Reagan instituted in the 1980s that finally got the job done was not the tank vs tank, aircraft vs. aircraft variety that had already been going on for 30 years. It was high tech and strategic initiatives. Star Wars, for all the fun that was made of it, was producing results, and the Russian intelligence knew it, so in addition to the normal Russian, my ten thousand inferior tanks vs your four thousand better tanks race, they had to come up with something equally cutting edge to dfefeat what 1st American labs were discovering and experimenting with, and then later American manufacturers were protoyping...and they bankrupted themselves trying to do that.
Now Star Wars technology has come of age in so many respects. BMD is not only poissible, but deployed. Space based systems are equally [ossible...just not deployed. The Lasers and Rail Guns will be joining the US fleet soon, and particle beam efforts are ongoing and also producing fruit.
There was a tremendous technological and qualitative edge that the US enjoyed and enabled them to do what they did to Russia once it was applied to those strategic areas in a defensive mode.
The Chinese do not enjoy such an edge on the United States. Many, if not mmost, of their systems are 2-3 generation behind. But they are closing that gap. But not to the extent that they can start an arms race tomorrow with the hopes of bankrupting America in the hopes that she could "keep up." It would be the PRC sending trillions trying to "catch up," in that regard, and then get ahead enough where such a thing could happen.
I do not see that happening in my life time, and probably not that of my children.
Does this mean the PRC will not get strong enough to challenge the US in that time frame? Far from it. I expect they almost certainly will. In the next ten years the PLAN and PLAAF will be strong enough to exert challenges to the US in the Western Pacific...and short of the two sides aligning their ideological differneces, they probably will. Hopefully not to the point of open conflict, but more like the cold war.
I am just saying that they will not get so far that they can do to the US what the US did to Russia in the forseeable future. If America suffered a tremendous economic crash...it is likely the entire world would go with it. Same is true of the whole European Union, of Japan (to a lesser extnet) and certainly to China as well. Everyone knows this and wants to avoid it if they can.
The Soviet's did it to them selfs. In the end all nations rise and fall due to the decisions they make. Star Wars was in no way a threat to Soviet nuclear deterrence. They had about 10,000 nuclear warheads mounted on thousands of missile's that can be launched from land, air and sea. There was no system in the world that can neutralize a force like that. Had the leaders in the Kremlin just sat tight and did nothing they may have lasted much longer. It was a war of attricion that the US and the USSR was engaged in and in the end the resources of the Soviet ran out before the American's did. In 1983 at the height of the cold war the Soviet Union had a economy of about 1 trillion dollars. The US had a economy that was more than 3 times bigger. Their was no way for the Soviet Union to keep up with the US economically so there was no chance for them to win the arms race. Had they pulled back and focus on their economy and let there nuclear deterrence protect them and let the Americans spendt them selfs in to a obliviance would have been the smart thing to do. But they didn't and instead rampt up the spending, some say up to 20% to 30% of their GDP went to the armed forces. And we all know what happened.
China has learned from the Soviet Union even today scholars in China can easily get grants if they say that they are studying the Soviet Union. China has studied the Soviet Union more closely than any other country in the world. So they will most likely not make the same mistake as the Soviets did.
This is something i posted earlier in another thread. This is the starting point as of now between the Chinese and Japanese navies.
This list is a rough comparison between the Japanese and Chinese naval forces. The list doesn't take into account training and technology. List include only major surface combatants AC, LHP, LPD, DDG, FFG and corvettes. But excludes subs and auxiliary ships.
Japan Maritime Self-Defense Force surface fleet
Hyūga class LHD (19000 ton) (2)
Atago class DDG (10000 ton) (2)
Kongō class DDG (9500 ton) (4)
Shirane class DDG (7620 ton) (2)
Hatakaze class DDG (4725 ton) (2)
Akizuki class DDG (6800 ton) (1)
Takanami class DDG (6400 ton) (5)
Murasame class DDG (6200 ton) (9)
Asagiri class DDG (4900 ton) (8)
Hatsuyuki class DDG (3100 ton) (10)
Abukuma class DDG (2550 ton) (6)
Japan total (300790 ton) (51 ships) (exclude 19 subs)
People's Liberation Army Navy surface fleet
CV-16 Liaoning AC (67500 ton) (1)
Type 071 class LPD (20000 ton) (3)
Type 052C class DDG (7000 ton) (3)
Type 051C class DDG (7100 ton) (2)
Type 052B class DDG (6500 ton) (2)
Type 052 class DDG (4800 ton) (2)
Type 051B class DDG (6100 ton) (1)
Sovremenny class DDG (7940 ton) (4)
Type 051 class DDG (3670 ton) (10)
Type 054A class FFG (4053 ton) (13)
Type 054 class FFG (4300 ton) (2)
Type 053 Jiangwei class FFG (2400 ton) (14)
Type 053 Jianghu class FFG (1900 ton) (17)
China total (387029 ton) (74 ships) (exclude 60 subs)
useful force (250529 ton) (46 ships) (exclude Luda, Jianghu and the carrier but includes the 14 Type 053 Jiangwei class)