I'm not sure it's just a China-US thing. I think Europe will increasingly find itself taking a role. India too.
To clarify, while US-China superficially seem like the 'sides'. Really, what I think is happening is that the values of many (especially Western) countries around human rights, democracy, freedom of religion and expression, are coming into conflict with a new kind of Chinese authoritarianism that really doesn't care for these things and is quite willing to subjugate large groups of people in doing so (Tibet, Xinjiang, Hong Kong, claims to Taiwan, etc.).
The annexation of Tibet was in 1951, claims to Taiwan have always been there, and the subjugation of millions is nothing new (Great Leap Forward and Cultural Revolution were in the 50s and 60s).
I think people are just waking up to the reality that the opening of China will not automatically lead to greater liberalism as was predicted.
To clarify, while US-China superficially seem like the 'sides'. Really, what I think is happening is that the values of many (especially Western) countries around human rights, democracy, freedom of religion and expression, are coming into conflict with a new kind of Chinese authoritarianism that really doesn't care for these things and is quite willing to subjugate large groups of people in doing so (Tibet, Xinjiang, Hong Kong, claims to Taiwan, etc.).