Maybe. But as long as the Chinese maintain a communist internal economic system I'll not worry about them defeating any free enterprise economies any time soon. It wasn't too long ago that the tiny island of Taiwan had a larger GNP than the billion-plus population of mainland China. Never yet has a communist economy done much more than barely feed itself. China's growing economy indicates a diminishing of internal communist repression.
If they become truly prosperous then they won't be a threat any more. Funny how that works.
I prefer Mongolian Beef, myself. And the Vietnamese soups there are to die for.
Geneva Steel was bound to fail because the plant was too ancient. Bad mangement and regulation killed it, not the "unfair foreign competition" that the apologists like to blame everything on.
In the 60's a lot of people were worried that the Arabs would take over the US because we were buying so much oil. Instead we discovered that when someone owns a lot of dollars they become reluctant to see those dollars become worthless.
And even if the Chinese own a lot of dollars they can only redeem them here anyhow. Unless you believe that anyone who had the greater part of their wealth in dollars would purposefully destroy those dollars. Well, maybe a few people would but fortunately US University Professors don't have that many dollars.
Speaking of Mao I always find it very amusing that Hollywood milquetoasts get far more upset over a few actors losing their jobs (McCarthy hearings) than the tens of millions of people the Soviets and Maoists slaughtered.
As far as the current Chicoms go, no one can predict the future except in terms of the past. The record of commies at taking down the US (or any prosperous nation) is pretty abysmal so far so I'll still put my money on the USofA.