Sadly there is a pejorative context. The constant us, the free world vs China, the evil Soviets rhetoric from every major news establishment and executive creates that negative view
On the other hand the Trump administration has successfully managed to make Chinese seem better than American, so there might not be that much of a pejorative context any more..
You're right, but the bias in the US certainly persists. "China = bad" is an assumption that many people still make without any self-reflection about the ways in which the US is now at least as bad.