China has made tremendous advances in their economy over the last generation. There is no doubt about that. The question is whether there are bubbles that can cause real economic dislocation that risks social and governing upheaval (and possibly foreign adventures to cope at home).
Most analysts I see think some type of correction is coming. So here's a take on China that says they'll be just fine.
But here's a more traditional view of trouble coming.
We'll see. I'm sometimes torn between wanting China to falter to keep them from building a larger GDP than America and worrying that a faltering China will harm our economy.