bahahah, I love how the Chinese think they actually rival NATO or the United States right now, yes you have grown tremendously but don't get it twisted, we aren't very concerned about winning a war against you, it would be much easier than Iraq as it would be a clear objective and not an occupation, just an *** whoopings.
This is all you really need to know.
Total Air Power
China: 2,788
United States: 13,683
Japan: 1,595
Total for USA/Japan: 15278
Further, our navy makes yours look like it belongs in the last century we could effectively blockade any imports of energy making you rely on your 4 million barrel a day production which im sure we would bomb pretty early in the conflict. Before you go on about our debt you need to realize that any country that is the world reserve currency has to expand debt to let liquidity exist, our debt isn't that big of a deal at the moment, the only thing that can bring us down is not even military but the loss of global reserve currency status, which is a possibility, but military, pfft please. BTW I have trained with Chinese troops once in 2006 and to be honest the ones you put forward were impressive, but as I seen the "average" soldier they were short, pudgy soft little kids if you ask me, I think this is a result of the one child policy and kids growing up as the only child and being pampered and put on a pedestal