Good points all. I think #4 is the key.

#5 would be China's diplomatic and military strategy. China has a very "long term" view of the world. The US in contrast has a very short term view.

China's form of government and culture will, IMO, lead them to avoid any direct conflict in the short term. Even when provoked almost directly, as the US has shown it is willing to do with other rivals like Russia and Iran.

The US knows that China wins "the waiting game" and has been ramping up aggression towards China in the last years. I think China will tolerate everything short of a US annexation of Taiwan.

It has been about 75 years since the Chinese revolution. China has some major internal challenges. They can afford to wait at least another decade before putting any serious pressure on the situation. Enough time for them to get their internal house in order.