Yes, the sleeping dragon has awakened. But, you have to remember that the reason they have so much of our debt, is because they were buying it to keep their currency artificially low, something they face increasing world pressure about. So that won't last forever. China is definitely an economic force to be reckoned with, however they have to maintain at least 8% annual growth just so their rural labor pool can find factory jobs and not starve to death. The air quality of the whole country is abysmal, to give you perspective, a traffic cop has a life expectancy of about 40. The pollution there is unreal, most of their major rivers are unfit for even industrial use! China is growing for sure, currently their is a lot of opportunity there, but they are behind us in freedom of thought, health, and other social benefits. I wouldn't want to live there, but the idea of having to learn Mandarin or Cantonese to do business is becoming a real possibility.