Everywhere you turn in the U.S. these days, there is worried talk of China’s rise and the fading of American pre-eminence on the world stage. Secretary of State Mike Pompeo sees China as “the greatest challenge that the United States will face in the medium to long term.” The U.S. intelligence community is also uneasy, citing China’s growing technological prowess as a prime concern in its 2019 “Worldwide Threat Assessment.” Just this month, six former senior U.S. military commanders released a statement expressing their alarm over the possibility that “a Chinese-developed” next-generation 5G wireless network may be “widely...