Presently, yes. If China doesn't push too hard, though, they've got the right partnerships in place to start building out a global military presence under the same pretenses as the US within its partner nations' borders. Give it a decade (maybe less) of serious effort on their part and they could rival the US globally, not just regionally.

If they decide to start a hot war (say by invading Taiwan) today, then it'd be catastrophic for them. Most of those partnerships would dry up (by being a good excuse to end a bad deal for the partner nations or by force from the US and other nations).