Ironic considering that its run by a bunch of communists.
I know, the irony is beautiful - the self-professed capitalist utopia buried economically by the self-professed Communist utopia. China is Communist in name only; today, it is a nation of capitalists as cut-throat as any Wall Street trader.
I think the US is digging its own grave, but China and the other foreign lenders are just providing the shovel.
Even were the US actually acting in its own economic self-interest, China has far greater natural and population resources. When you consider that China was essentially a backward, agrarian nation with virtually no industry at the outset of the Second World War, the speed and efficiency of their economic development has eclipsed every Western nation on the planet. It took them basically 50 years to do what took Britain, France, and the USA nearly 150.
Part of the reason the USA rose to economic dominance over Europe was courtesy of its position with natural resources (that's also what allowed the the US to mobilize and make a significant contribution to the Second World War in less than 5 years). The only two countries that eclipse Chinese natural resources are Russia (in Siberia) and Canada.