There are a few "Ifs, Buts and Maybes" at work in this matter!
Certainly, there is very little to suggest that China's economy will not overtake that of America's within the next 10 to 15 years. Then, with economic dominance would come the very real possibility of military dominance as well.
Throughout history, military dominance almost always followed the achievement of economic success - e.g. Britain, Germany, USA. (the USSR being something of an exception). Conversely, military decline is an inevitable result of economic decline - e.g. Britain, USSR.
This year, China expects to spend 1.3 % of its GDP on defence. That contrasts with America's 2014 defence spending of 3.3% of its GDP.
- Should China decide to match America's defence spending as a percentage of GDP, then once economic dominance is acheived, military dominance would be just a numbers game away.
- However, should the USA then enter into an arms race with China, it might be a question of how long the USA could afford to continue with that before bankrupting itself (as happened to the Soviet Union in the 1980s).
On the matter of quality versus quantity, there is a saying that - at least in military matters - "Quantity has a quality all of its own." Nazi Germany learned that one the hard way in WWII, following its invasion of the Soviet Union.
At the very least, the situation is likely to very similar to a pair of heavyweight boxers, warily circling each other:
- each one capable of inflicting serious harm on the other, but without a conclusive result.
That may be the most desirable outcome; with each power not confident to initiate a conflict in which there would be no clear-cut winner.
As for where this all sits with Crazy Fred's rantings re. "The King of the North", does it matter? (Yeah, I know I am completely disinterested!)