I would argue "near-peer" in the loosest sense of that phrase. China would be absolutely crushed in any military confrontation with the US: militarily and economically. They know that. That's why we've never gone to bed with news of Chinese missiles bombarding Taiwan.Don't bring back USSR, just make Americans wake up to the notion that China is the next near-peer adversary.
Their infrastructure is an absolute nightmare and as technology progresses, and specifically more Chinese travel internationally and gain access to VPNs, the CCP is going to have a progressively more difficult time maintaining control. I see their state power weakening within the next century; not strengthening.
Admittedly, I am biased.