The US isn't even remotely close to a global dictator so what is your point?
> Western economies being stagnant while China expanding influence across the world with the OBOR project.
Western economies are definitely not stagnant and China's economy should be taken with a grain of salt.
> They command far more wealth and power than England did when they started their colonial project so I'm sure that China will be able to pull it off far more quickly.
Nominally sure, but relatively is what matters and China "has" 2/3rd the GDP of both the EU and the US currently. Add in other countries like South Korea, Japan, the UK, Canada, and Australia which are all more closely aligned with US economic policy and defense treaties like NATO and the Five Eyes; I find it hard to see China colonial projects having much effect.