China will need to rely more on its own market and less on exports. Thats what true world powers do. Look at the US and india. They have trade deficits but are still big economies. Export-dependent nations can never be world powers because they are dependent on the willingness of other nations to open their own markets to them. And china in many ways, cheats the system (closing its market and subsidizing a lot of companies) while it expects other nations to open their markets. And this has been going on for decades now.
The problem is that china wants to keep its ineficient and heavly-indebted state capitalism economy, prefering instead to keep growing by exports and debt. it doesnt want to privatize its SOE, which AFAIK continue to constitute a large portion of the economy, including most of its large companies ( i remember reading in 1993 that the chinese SOE were white elephants. Many of them probably only exist to keep people employed. They surely arent as well managed as private companies) and reduce the weight of the state in the economy.
This unwillingness to reform, coupled with the growing movement to close markets to china in the US, japan, india and even somewhat europe, will end bady for china, no matter what people in this forum may think otherwise.