I am wary of China but not worried. China NEEDS the U.S. to be strong. If not their growth plunges and if that happens they are in enormous trouble. China has also managed to effectively destroy their natural resources over the past 30 years. If you take a "green GDP" figure for them (which is GDP growth minus the cost to clean up their environment) then they have hardly grown at all.

I am reading a book right now called "China Shakes the World." I HIGHLY reccomend it if you are looking to read up on the Chinese economy and how it affects us.