The Mohammedan totalitarian ideology is not worse than the Marxist totalitarian ideology.
The Cold War was not a 'fantasy'.
The Peoples' Republic of China is not our friend. Neither is the Democratic Peoples' Republic of Korea, or the Islamic Republic of Iran. I mention those three because they are in cahoots with each other against us.
Murderous totalitarian thugs with nuclear weapons are all bad, regardless of what totalitarian ideology they use.
Although you have said nothing that can be labeled “untrue”, I think it’s worth mentioning that China has shown (at least so far) very little propensity towards expansionism outside it’s own coastal areas (and of course it is interested in Taiwan).
Also, it is worth mentioning that the difference between communism inside China and communism inside North Korea is the difference between night and day (though yes, they are both evil).
In the old days, the Soviet Union was definitely expansionist, supporting communist expansion all over the globe.
I don’t see China doing that, though it is, of course, promoting its own economic interests where possible, as in Africa.
Also, of course China is evil in Tibet.
But compare all of that to the expansionism of Islam, and it is Islam that I worry about right now, not China.
Historical note: China stopped the advance of Islam in a great battle in the 10th century, stopped it dead in its tracks as it expanded east.