This article examines the relationship between privilege understood within a global frame and the discursive construction of the ‘China threat’ in the context of the ‘New Cold War’. Drawing on discourse theory and privilege studies, it investigates how the hegemonic discursive construction of China as a threat interacts with the material conditions of ‘global privilege’ in a diversity of spheres (political, military, economic, technological, cultural and academic). The article contends that the ‘China threat’ narrative is markedly informed by the global privilege, coupled with the fear of losing it, enjoyed by the countries of the ‘Global North’, particularly the United States. These findings have significant implications for our comprehension of how discursive practices impact our understanding of global affairs. They underscore the necessity for self-reflection on privilege, a critical examination of unequal international relations and the importance of empathising with those perceived as the ‘enemy’ to foster peaceful coexistence.