Inherent in the advantage of replacing China by India is that the West will be replacing an oligarchical autocracy with a more-or-less Western-style democracy as its principal economic partner.
Of course, that will leave China increasingly with its own back to the wall, defensive and hostile, faced by a democratic India with a Western tilt. In December, the United States added 36 Chinese companies to a blacklist for trade in high-end technologies after tightening rules on the sale of semiconductor technology to China.
The Biden administration is still making some efforts to heal the open wounds with China — with Treasury Secretary Janet Yellen meeting with Chinese Vice Premier Liu He last week. Liu had just made a big pitch at the World Economic Forum in Davos, Switzerland, for more investment in China. But this may be too little, too late.