This is a complex question that depends heavily on how you define "threat" and which dimension of the US-China relationship you're examining. Here's a balanced breakdown of the main perspectives:
Areas where China is often viewed as a threat
Military/Security
•China's rapid military modernization, including naval expansion, hypersonic missiles, and space/cyber capabilities, concerns US defense planners
•Tensions over Taiwan represent the most acute flashpoint—a conflict there could directly involve US forces
•Disputes in the South China Sea challenge freedom of navigation and international law as the US interprets it
•Cyber espionage and intellectual property theft targeting US government and corporate networks are well-documented concerns
Economic
•Trade imbalances, forced technology transfers, and state subsidies to Chinese firms are seen as undermining fair competition
•Dependence on China for critical supply chains (rare earths, pharmaceuticals, semiconductors) creates vulnerability
•Competition for technological dominance in AI, 5G, and quantum computing has national security implications
Political/Ideological
•China's authoritarian governance model and human rights record (Xinjiang, Hong Kong) clash with US values
•Efforts to expand influence through the Belt and Road Initiative and international institutions are viewed by some as challenging US-led global order
Areas of mutual dependence/cooperation
•The two economies remain deeply interlinked through trade and investment
•Cooperation is often necessary on global issues like climate change, pandemic response, and nuclear non-proliferation (North Korea, Iran)
•Many economists argue that framing the relationship purely as adversarial ignores substantial mutual benefit from trade and the risks of economic decoupling
Competing interpretations
•Hawks argue China is a long-term strategic rival pursuing regional and eventually global hegemony, justifying containment-style policies
•Skeptics/doves argue that threat perceptions are sometimes exaggerated for domestic political or military-budget purposes, and that China's primary goals are regional security and economic development rather than global domination
•Realists often frame it as classic great-power competition—not necessarily hostile, but requiring careful management to avoid conflict (especially over Taiwan)
Bottom line
Most US national security establishments (bipartisan consensus in Congress, the Pentagon, intelligence community) officially characterize China as the primary long-term strategic competitor to US interests, particularly in military and technological domains. However, whether this rises to an existential "threat" versus a manageable rivalry is genuinely contested among scholars, policymakers, and the public—and the answer often varies by specific issue area (trade vs. military vs. ideology) rather than being a single yes/no.
If you want, I can look into a specific dimension (e.g., Taiwan tensions, semiconductor competition, military spending comparisons) with more current/recent developments.