Don't make the mistake of confusing China today (world leader in making rubber chickens, cuddly toys and rip-off sports goods) with what China could be in 10-20 years time. Look back at Japan, or Germany, in 1950.
China's vast population, low wage rates and resources make it potentially an economic power-house. Only politics is holding it back, and only a fool would ignore that potential.
At the risk of being accused of Yank-bashing, I'd say that complacency, over-simplification and under-estimating the opposition may be endemic in certain sections of US society, and neither characteristic is wise, or helpful.
Still waiting for examples of Chinese 'expansionism', BTW!