Well tbh we have lived in a period of peer competition for a long time. The trade war was a battle between peers, and arguably, it is now US which is only near peer to China.
Economy wise, China is significantly ahead both in size terms and in economic health as well.
Tech is a tossup with both sides having their own niches, China has much better track record of breaking into new sectors though.
Militarily speaking, US has a larger starting force. China has more wunderwaffen, whose impact is debatable, but otherwise the level of quality is very even.
Culturally/demographically, US is ahead, the cultural anglosphere is maybe 3-4 billion+ vs 1-2 billion sinosphere. But it's not all roses for them, US only directly controls its own population and getting the nonwhite western worshippers to do the correct stuff for them is like herding cats. Not to mention US' core population don't like being swamped by brown people.
If one were to talk comprehensive national power, the most objective analysis would be "around equal".
