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Somebody once said (Pogo, actually): We have met the enemy, and he is us.
Frankly, a vast amount of the "imported" goods from China are either made by American firms working in China, or from Chinese firms set up in large part with American or Western capital and investors with technology.
The China that is outcompeting us is in large part the servant of our own corporations -- who aren't really "our" corporations anymore. Remember all those CEOs who say, "XYZ Corp. is now a global concern..." Well, they mean it. They may be based here, but they feel no compunction to get their work done here anymore. They'll make and develop products where it's cheapest to do so, and sell 'em here. And as our economy collapses, they'll try to develop markets in other countries -- China for one, but also Russia, India, and Brazil -- the BRIC countries.
The big buzzword in investments these days is "emerging markets." That means, countries that are likely to become consumer cultures, where the large corporations can sell their wares after the U.S. can no longer afford to do so.
Fighting China will never happen, because "our" (no longer our) corporations will never let it happen. China is them. They are China. The only way to "defeat" China is to end the free-lunch-for-the-rich that is globalization, or at least to slap some major taxes on it.
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