If you don't think the Chinese are working on the next generation of weapons, Cinema Face, you were likely away when they taught who invented gunpowder, printing and such while the west couldn't heat their castles. These are not stupid people and there's a reason they're learning how to do modern manufacturing as fast as we're forgetting. And we don't really know what they're working on in secret, do we? But that was a humongous payload they launched a while ago.
There's nothing exclusive about brains, everybody's got'em. And if you think, "The US always has the best weapons technology" is some kinda natural law, how do you account for the AK-47 as the worldwide weapon of choice for guys who get to pick their own?
As the US discovered in Iraq—after half a decade—it's the boots on the ground that count; all the other stuff's just the means of getting them there. One guy=one ration pack, one pair of boots, one tent, one ammo pack—logistics vary by location, stuff and distance, not frontline numbers, and the US has one hell of a logistical tail with cooks and medics and JAGs and such in the rear. I'd bet the Chinese tail is lots skinnier. If you don't care about casualties (debatable) then MASH units and War Grave Regitrars don't clg your supply lines. Length? Heck, it's just as far from here to China, as from China to here, but there's more of them to hold down when the Yanks get there. Sorta like Russia's always been (See also: Napoleon, Hitler). Oh I know we're not talking about going to war, but how esle do you decide who 'wins' an arms race if you're dumb enough to go to one?
Speaking of winning, if you don't care about losses, you win the battles the guy who does care won't commit to. Never mind that high-tech, whether military or civilian, busts easier than low and needs high-tech, industry supported fixes. Low tech, just needs a hammer. Or a rock. And never mind that facing China's a bit like having many dozens of WTCs, or hundreds of thousands of villages to take out with your couple of jetliners. Size matters. And the guys who can make their own last generation sandals out of tires will likely whip the guys who need next-generation air-conditioned staff tents.
But if we can keep the boys from actually using their toys, and just have parades and posturing—take a look at how the mortal enemies India and Pakistan do their border guards sometime—then the US likely has a good long run ahead still. And prettier uniforms and cooler trucks (as long as there's a US auto company still around to make' em) to start with.
Best bet: Train figure skating judges to score marching contests before things get outta hand. Arms races only have losers.