You really have to ask the question "does all industrial production aid itself to war?" when making this determination.
Additionally, most people don't consider the Mexico factor. Presently some of the most talented machinists in the world live in Mexico manufacturing parts for American automotive (and other industries).
But, really, this comparison can only be proven in conflict - something both the USA and the CCP want to desperately avoid right now due to his economically coupled they are.
Just in time logistics has been a disaster for the American war machine.
Yes, productive capacity can be repurposed to support military goals - with organizations and technicians already in place.
Mexico has about 1/17th of the manufacturing capacity of the US - adds around 5.8%. America has a labor shortage in manufacturing, which is unlikely to be filled with foreign workers given the current crackdown on brown people. They're also annihilating their intellectual capacity by again cracking down on brown people, and defunding universities.
China is already leading the world in manufacturing and expanding rapidly, their universities are world class, and they have almost caught up in technology. Given their investments in education and strong culture of academic achievement, it's unreasonable to think they won't overtake the US in every domain in the next 3-5 years.