I've been thinking the same thing for ages.
China has a long memory (colonialism) and the patience to rule the world without firing a shot.

"Beware the wroth of a patient man"
Anon

China is heavily invested in Africa and greater Asia already. It dominates just about every manufacturing industry and as you pointed out. Semiconductor production is ramping up in China.

Slow and steady wins the race not lobbing bombs like some kind of neanderthal.