Mmm, let me write my current impression of China and differences with Soviet(or difference/similarities with Iran/ Turkey as other examples of threats with various degree of ambitions, that are regional in nature) and correct me if i'm wrong(that is the reason of me registering here in the first place
).
As with any threat there is need to examine both intent, capability.
Lets look at ideology first:
Soviets were holding communist ideology, which called to support similar ideology around the world. Whole world need to be communist in the end. So they were happy to go around the world to steer communist sentiments, supply weapons(more often then not completely free) and even directly enter conflict where possible. Basically they were leaders of block of countries.
Russians that were backbone of this block hold a lot of messianic sentiments in theirs culture, such things are actually good to hold for empire building and it works for commies as well.
Ideology that China currently push is very different. Basically they push they own flawed version of human right devoid of civil and political liberties, but with financial and personal freedom as alternative. They basically say: "look at our financial success, at our secure thriving society, at our technological advances, you can have it too, you don't have to be liberal democracy at all and if you want we invest in you and won't bother about your political system, all that you have to do is accept China's rightful position in new reality and know your place(which is directly proportional to strength of country)"
As you can see it does not call for expansion and actually unable to do so. I think in China's view they return to rightful place in the world. And they view world as collection of countries that have hierarchy based on individual country's strength and it is expected for weaker party to submit to stronger.
In comparison Turkey(or rather Erdogan) ideology close to that of China, regional in nature, with pan-turkism with Turkey return to rightful place
as Ottoman Empire i guess.
Iran on the other hand similar to Soviet, they advocate permanent revolution(islamic in this case), and does not have boundaries, whole world have to submit in the end.
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Actions China make also completely in line with ideology. Basically if they consider themselves weaker party, then they won't act and ready to endure what they consider "humiliation". If they consider themselves stronger, they are willing to escalate.
So i think it's not that "He's cast Deng Xaiopeng's cautions and advise aside" as you say, but he probably feel strong enough. Maybe he miscalculated.
I think that historically/culturally China can't really understand alliances between non peers, it does not fit ideology, which rooted in Chinese culture.
So China unable to make alliances. Weaker in "alliance" must know it's place.
Plus we have actions of building "Belt road/Second silk road" or whatever they call it. And we have "bent upon being the next Great Helmsman adored, worshipped, and venerated by the masses" as you say. And we've seen China make moves to consolidate population in line of "all homogenous Han Chinese".
So when i look at ideology and actions i don't see commi, i see China empire of the past with meritocracy, possible tributary states and emperor in the making.
So is China will be expansionist? Probably, but it will be continuous expansion, first places close to home, then further away, then further away etc.
Come to region far away and make there troubles, like USSR did, they probably will not.
That why i say it's not exactly Cold war. Because we probably won't see proxy wars in various regions around the globe. US can safely concentrate on Asia Pacific.IMO