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It's true, but China, rather than Russia, is the one challenging US dominance. The US will lose economic dominance in the coming decades, but it can retain political dominance if it can retain close ties with the EU, Japan/SK, and the UK/AUS/India (the Commonwealth). US dominance will have to change to "Western-aligned powers" dominance. If China is unable to make political inroads with the world's democracies, it may find itself permanently hamstrung, as China has unfavorable geography for being a world hegemon (as it's surrounded by current US allies).