I've lived in China for 4, no, 6 years of my life. First off, get your heads into gear. The real reason people say that China is going to present us our debt if we try to do anything is because they are afraid of being called down, not because it poses any actual threat. Sort of like being caught with your hand in the cookie jar and being caught by a person that you owe a favor to.
Also if you are implying wealth distribution in China, I don't think that would help. Keep in mind this is COMMUNIST China and most of the Wealthy are corrupt there and not willing to share. It's not that easy to just say, "we need to balance out the wealth." Communist leaders (The only wealthy ones there) are not for the welfare of the country, so wealth distribution is not on their to do list. They are very clever too, when it really begins to rot economically they support a small amount of capitalism (like a breath of fresh air) and then close off again to keep from teetering over. China is like a piece of old bamboo, they can be crumbled easily and pose no threat because we have any debt to them. What most people worry about is their large population and military (which was stated in the OP I believe.) This quickly overlooks what is really going on internally. IT will be an extremely long time before China can catch up economically. However, until we stop relying on China for resources, then they have the advantage of cutting off trade.
