With countries actively coming up to form alliances like QUAD and US navy's 7th fleet in the SCS which the chinks could do nothing about, and don't forget India is not going to bend over easily, with an army as ineffective as the PLA in Mountain Warfare, China is far away from becoming no. 1 in Asia
They are tolerated by US, Japan, Korea, Taiwan because Factory of the World and Large market.
They are tolerated by mostly poor and middle class ASEAN countries because trade and China is their sugar daddy investment and bribes wise.
They are currently tolerated by India because corona and kachra -e- economy.
In no way are they #1 in Asia, it's like how Aztecs were "number one" but only because they had oppressed all the over 9000 tribes around them, when Spaniards came sab ne milke Aztec ko koota xD, ofc Spanish then got rid of the over 9000 tribal allies in question but that is beyond this analogy.