I may not be clear what you mean by "new USSR", but if I take it to mean as big of a threat to the west as the old, I have to disagree.

It's a bigger threat: There are quite frankly far more non-democratic and corrupt autocratic governments than there are functioning liberal democracies. China can turn them all into allies and dependents and thereby probably forever end the prospect for the liberal democratic model from expanding. Human rights, (real) freedom, and ethical (at least as an objective) governance will largely disappear even as a prospect in the world.