I agree with Paul. Our US policy will echo co-existence with 21st century characteristics. The x-China world will increasingly need a mutual defense posture with "red lines" if China becomes aggressively expansionist including the non-consensual annexation of TWN. On the other hand, I'm hopeful the Biden Admin and the "Quad" will begin looking for areas of mutual co-operation with China.
I don't think China will hold up as the unifying villain for US domestic politics. And the reverse will be true for Chinese domestic politics.