Relations between the U.S and China

This video (Is China the new America?) summaries reasons why it is believed that China will surpass America to become the worlds leading superpower. Like many arguments it is centered around the economy and debt as a major factor.

The stage is already set for such a passing of the torch. The U.S. recently surpassed $11 trillion in total outstanding debt. The Chinese government, on the other hand, holds nearly $2 trillion in currency reserves and is flush with a massive sovereign wealth fund'

In contrast to the view that the American national debt will cause China to 'over take' is the argument that China will not ask for that debt to be taken back because they have too much money invested in the American economy to take the money (inflating their currency) and pushing up the cost of Chinese goods, which would create their own economic issues, as this second video from ABC highlights:

What if China collected on U.S national debt?
http://youtu.be/T1dDIrOCbUo

The first video also leaves out factors such as military power, the standard of living in China, soft power, Political influence and Foreign policy amongst other things. One of the only arguments made is the Economy and the population of China. Unlike the US it doesn't have a vast amount of vested interests oversees and extent to which is would push to dominate the globe is highly debatable.