I would recommend Ray Dalio's "Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail"
It's basically an update and extension to Kennedy's "Rise and Fall of the Great Powers" with a lot more analysis on finance.
And it comes to the conclusion that every empire/society/country follows a similar "arc" in terms of lifecycle (250 years +/- 150 years)
So it mainly focuses on the situation in the Western World from 1500AD onwards, with the Dutch Empire Arc, then the British Empire Arc and then the American Empire Arc.
But it also looks at the Chinese dynasties from 600AD onwards from the Tang->Song->Yuan->Ming->Qing->People's Republic.
And found a similar story in terms of Arcs.
The most interesting part was the conclusion that based on the indicators, the USA is in the decline phase, whilst China is still in the ascent phase.
So it's not just that China is growing and can grow much larger than the USA.
It's that the USA is suffering from imperial overstretch, has become a kleptocracy run by the rich, is spending beyond its means, etc etc
So it makes sense for China to wait. We can already see the US running persistently large trade deficits and also government budget deficits, which are unsustainable in the long run.
The US Net International Investment Position is is already at negative 69% of GDP, and based on current run rates, I reckon we're looking at negative 100% of GDP around 2026.
But outwardly, everything in the US will likely look ok (potentially for decades) until one day, there is a "crisis" which destroys confidence in the USD as a reserve currency