Is China a threat to the U.S. economy?

"The rise of China from a poor, stagnant country to a major economic power within a time span of only 27 years is often described by analysts as one of the greatest economic success stories in modern times. From 1979 (when economic reforms were first introduced) to 2005, China's real gross domestic product (GDP) grew at an average annual rate of 9.7%, the size of its economy increased 11-fold, its real per capita GDP grew eightfold, and its world ranking for total trade rose from 27 to 3. By some measurements, China has become the world's second-largest economy, and it could be the largest within a decade."-- p. 2.