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One area they left out is production ability.
The amount of weapons you start with begins to lose importance if the war isn't over quick.
If attrition set in, then the side that can produce faster gains a decisive advantage.

That was the USs main contribution to wwii. And it was very effective.
The US is no longer a world leader in manufacturing. They are not entirely out of the game, but they have only a fraction of the ability that China does.
In a protracted war China has the industry and expendable population to make it the real world power.

In any conflict with China, if they can't win within 6 months, then I think loss becomes inevitable.