The whole point of TPP is to move manufacturing out of China and into South East Asia (which now has cheaper labour due to rising living standards in China anyway). The offshoring off manufacturing can go on for a lot longer.
China can produce but all they know is how to make things cheaper. They have no idea of quality or marketing, yet - these remain Western skills. The problem is that China has a shitload of people and a shitload of manufacturing capacity. If things go badly in their economy they will divert that productive capacity and people into going to war. Their military weaponry isn't of Western quality but they make up for that in quantity. To paraphrase Lenin, quantity is in itself a quality.
We either peacefully degrade China's military-industrial complex or we do it with bombs. History suggests the latter but Nukes queer the deal. China could likely get away with a lot, just look at Crimea. I have no problem with Russians retaking it, but the US says 'no' and the Ruskis simply ignore them. There is no monopole anymore.
