If China can see risks to a decline in the dollar then we can't be out to lunch for thinking the same thing here.
Communist leaders worry about rising job losses and possible unrest amid a trade slump that saw Chinese exports fall 25.7 percent in February from a year earlier. They have promised to spend heavily to create jobs and boost exports.
This makes no sense at all. It's foreign countries that need to increase spending to boost China's exports, right? China may be just wasting money on adding to what is already an excess of manufacturing capacity
Private sector economists expect growth as low as 5 percent this year. That would be the strongest of any major country but could lead to more waves of job cuts.
We know how the US gov fudges GDP in the US; I expect China's reported values to be overly optimistic too.
China 'worried' about US Treasury holdings
http://news.yahoo.com/s/ap/20090313/ap_on_bi_ge/as_china_us_economy