100
I'll agree it's a new phase. I'd say changing from coldwar dialogue would be a huge step in the right direction.
You might want to consider Chinese history. Unlike the US and unlike the European empires in the Age of Exploration Colonization, China keeps any military disagreements close to home. In the 1400's, China had the world's biggest fleet which included the world's biggest ships. The "Treasure Fleet" got it's name for carrying treasure outward to establish trade. They also had more than enough soldiers to protect the ships and deal with pirates.
The fleet went as far as Africa. Countries weren't conquered and colonized. They were recruited as trading partners. Yes, it wasn't perfect. Some interference in local affairs happened in some places. At least one local king who ran piracy operations against his neighbors found out the hard way not to try piracy against a giant fleet, but overall it was minor compared to what was just beginning to get cranked up by the Europeans.
Sadly, the growth of richer and richer merchants threatened some of the political elite enough that the voyages were ended and the larger ships were destroyed. Yes, you could try to stretch this to the present, but reigning in some giant corporations with fines and breaking up monopolies also happens in the USA+vassals camp too. If the US doesn't decide to try a bit more reigning in, wait and see what happens when Amazon starts buying up defense contractors.
Compare that to what Europeans did to North America, South America, Africa, SE Asia, and that place inhabited by kangaroos, koala's, and some guy called Calach.
After the end of the Treasure Fleet, I suspect it would be very difficult to find any significant military activities involving China further away from the mainland than than the SCS. This is unlike the US, which feels free to invade globally and, like a proper bully, tries to drag a few followers along to help (and help absorb some of the damage directed at the bully).
If the US would keep itself out of Asia, defense budgets, including China's, could be reduced. The US itself would then be able to cut its own defense budget, if Congress (where the weapons industry is a huge supplier of campaign funds) were to agree.
In the meantime, China is busy slashing tariffs for goods from the 16 poorest countries in the world. Your fear of China suddenly deciding conquer the world isn't stopping the improvements this will bring to the lives of those who live in such countries.
The world is at a cross roads. The US can continue to push to remain a hegemon (which as worked out VERY badly for so many countries, even democratic ones), or the world moves towards being multipolar.
Will a multipolar world be perfect? Probably not. Will it be better than world run by a fading hegemon willing to literally anything to remain as #1 both militarily and economically? Probably. Aggressively pushing for a war that could spiral out of control just to slow a hegemon's inevitable decline seems rather unfair to the rest of the planet.