There is more of a parallel with the Empire of Japan because Japan did not have its own national oil company, and was dependent on Standard Oil to get its own fuel and oil-derivative products to fuel the Korean occupation and invasion of China. Japan started planning the Pearl Harbor attack after the US government announced an oil embargo in August 1941. It's aim was to seize the rubber plantations and oil fields in the Dutch East Indies (Indonesia), and use those resources to form a strong wall against the Allies.

For today's China, you can substitute chip technology for oil. For almost everything else though, China is resource-rich compared to Germany and Japan in the pre-WW2 period. Also, global supply chains are much more integrated today than in the 1930s. The current issue which Biden faces is that the Business Roundtable, formed of company CEOs, depend on the China market to drive company growth, and their share price. He needs convince them that US national interests are more important than their shareholders. Not an easy task.

Japan's 1930's aggression was fueled by the military, and the collapse of Japanese export markets following the 1929 crash. Hitler came to power in the 1930s because he was seen as a compromise candidate between the Communists and anti-Communist parties; no one thought that he would be able to seize power. However, he did, and executed his critics in the Night of the Long Knives.

Hitler had a core leadership team formed of Goring for police, Himmler for secret police and Goebbels for propaganda. I am not sure if Xi has a team; if they are there they stay in the background. Xi does not act like he is willing to accept any equals in the Chinese leadership team.