Unlike Germany China never have to worry about building a huge army and can pretty much focus on navy and air force.
If anything the power balance between China and US now is most accurate to that between UK and early Qing. Back then the Qing had still a much bigger and more powerful fleet but UK was rushing out newer and newer designs, while at the same time experiencing a new technology boom in industry. Like US today, early Qing also denounced British new achievements as useless, refusing to try and adapt them in favor of insisting their own exceptionalism.
Time will tell if this strategy works out better for USA than it did for Qing