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You do realize that it costs China much less money to produce the same amount of equipment, right?
I think everybody is aware of that, but maybe you only learned this recently?
But I seriously doubt purchasing power in China is more than 4 times higher than USA. If you have evidence of that, I think you should present it.
It remains a fact that USA has had by far the biggest military budget in the world for decades, in fact about as big as the next 10 on the list combined.
China is at most catching up, Pentagon being alarmed by that, indicates to me the insane level of American exceptionalism.
USA is losing power fast now, in way more meaningless unnecessary ways than China catching up. Simply by ruining western economies including their own with crazy tariffs, and alienating even their strongest allies.
USA is in a serious FAFO period right now.