The issue with this theory is, china rely on our markets just as much as we do theirs. As their market go's up so does ours. They have just been working on deals with more countries as those start to be countries who are starting to get really into consumerism.
Id be more worried about india taking lead then china, they just keep leaping in yearly gdp. China plays with the worth of their currency so often id be more concerned a worldly collapse again because they have massive internal debt which is just as bad as owing money to someone else.
Too many traffic jams caused by elephants and bulls fighting in the street.