China's economic growth is full speed ahead right now. And as this grows, its military and political prestige grows along with it. At the very least, China WILL challenge the US's position as the dominant power in Asia-Pacific. It will likely become another world super power and thus US will not be the only one.

There are lots of indicators that China is expanding its military power, influence (EU supports them), and doing everything to expand its economic power. To dismiss them is silly (as just because they are "communist").