China is as dependent on the US as we are on it, and if you look at the data, we are actually more dependent on other economies than China.
There are a lot of people who are very bearish on China's immediate prospects and you should read their ideas to balance out the sensationalism of the media
What I find even more Gibsonesque is the prospect of China investing in eugenic technology like iterated embryo selection. They've already invested in researching the large patchwork of genes that are correlated with high IQ. Combine this with the fact that most Chinese citizens have far more positive attitudes to designer babies and we are looking at a future where the average Chinese citizen has an IQ more than a standard deviation above the average American. This would magnify their economic dominance considerably.
China is the the world as Google is to the internet.
I've said this before, but we should not forget that for 2000 years China was way ahead of other cultures both economically and scientifically. They had a 100 year blip and now they are back with their human ppulation almost completely under their control. Nothing will stand in the way of progress.
Human life is cheap. They have a billion of them and counting. Be afraid, be very afraid.
It is going to be completely self-sustaining, why will it need to answer to anyone.
We've become completely reliant on it and we keep feeding it all our cash.