American military power and economic might far outweigh China and will for at least a few more decades. But American dominance in soft power is even more profound. Read here about why Chinese often say “the moon is roudner in the west” (外国的月亮特别圓 ). The link will take you to an interview with China scholar Orville Schell who organized a sort of soft-power propaganda mission to Beijing.
Soft power can work he other way as well. Read here about Confucian Studies Centers, a sort of reversal on the White Man’s Burden/ missionary work of the last few hundred years.