The US defense budget is roughly 856 billion. The Chinese defense budget is roughly 226 billion. When you add in all the other countries combined it is still less than the US defense budget. You are correct that the US has more presence around the world than any other country, But the capability of the US far exceeds that of China, and/or any other country.

The US is very adept at redirecting its budget to address current challenges. China is nowhere near as facile in that regard. And then you need to take into account the commitment of NATO, Japan, Australia, and other countries, which greatly enhance the defense budget of the west. It is not to say that this will not change in the future, but the new alliance between autocrats could never compete.