All this is on a knifes edge, but the arrival of USA naval assets and Allied assets has certainly stopped the China's stealth take down of the South China Sea. The present trade war is equally weakening the position of the CCP.
The USA can using credit guarantees, transition global industry out of China to USA allies throughout SE Asia and India. And precipitate a massive boom there. None of this is said, but CCP behavior can make this inevitable and turn what is now a pull problem to a vigorous push problem.
The CCP needs to negotiate their exit from the political world ASAP.