Quite true, for now.....
Wouldnt it be ironic if China did what the US did to USSR, and essentially bankrupt it by spending more and more......
China makes it's money from exporting to the USA though. The average Chinese person makes under $1000 a year. How are they going to pay for it without the USA and the West?
The US would just devalue it's currency even further with more QE forcing China to buy it up to avoid their own from becoming too valuable. That would push up food prices and everything else from all this extra printed Chinese money. So they would have A. bad inflation and B. a devalued dollar which makes exporting much more difficult.
If America coupled that with a bunch of protectionism and tariffs it would really hurt China badly, to the point they would likely tip over from civil unrest.
China is not a stable country. America could start manufacturing frying pans and ipods back in America. Obama himself has already said his goal is to double US exports within 5 years. They are already doing this stuff. Their only option is to balance the trade deficit and create jobs in America with tariffs and dollar devaluation. China can't do anything because the dollar is the reserve currency of the world, plus America has the most epically powerful military in the history of this planet, which reaches in to something like 130 countries.
Just google news "chinese inflation", "chinese labor", etc.
Remember that is a country that had a full on revolution 60 years ago that killed 70 million of it's own people, and still executes and tortures people every day.
I don't know when it became so fashionable to fawn all over the East and the third world, and hate America, but just look at the facts. I think you guys are confusing ham-fisted benignity for weakness.