Via Jim Henley, this piece in Marginal Revolution on the emerging economic might of China.
It would not, as suggested, be wise to create a new Cold War in which only the actors and the spheres of influence change.
Worth a read, and you might ask yourself if you, like me, are simply getting the hysterics too early every time you read about China doing what soveriegn nation states do- amass regional and global influence, enhance their economic might, and work to provide for their own security.