I think we all have a lot to learn from each other. Elements of Confucianism have a lot going for them, e.g. filial piety and respect for elders.
But like all cultures, there will be assclowns who will selectively appropriate ideas for their own ends, e.g. the CCP notion of 'state as family', which inevitably leads to 'father knows best, you'll do what you're told' -- and naturally, conveniently ignore the fact filial piety also involves a duty to tell it like it is when your "betters" are screwing up.
One element of Western culture I do think the world can learn from, is the deep understanding that power can be, and usually gets abused -- learnt from centuries of war, conflict and change in the West. Democracy doesn't so much come from the notion that "letting the people decide" (which, if you understand just how fucking stupid and easily influenced the average person actually is, is a REALLY bad idea), but rather, "if there are going to be revolutions, make them smooth and orderly". Thus, we have the Western model of representative democracy, which at its essence, is about smoothly getting rid of bad leaders. This is a piece of "ancient Western wisdom" that the Chinese will eventually learn the hard way.