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As the 21st century goes by, China as rapidly growing to become a World Superpower!
China's military is now becoming very powerful, perhaps The Most Powerful Nation of Earth now, huge in numbers, superior technological advances, absolute regime, which can be very powerful when initiating a world campaign; along with countless other programs... China may probably start world war III as its military potential can lead it to dominate the world in only a matter of weeks. Including its long range nuclear missiles...
Now, the economic aspect... this part is that the global economy is now mostly dominated by China, moreover, they have even surpassed Germany in world exports as well as production. It is now the world leader in production capabilities. They have now surely surpassed Russia, Soviet Union, even US as a World Great Superpower not only in Military, however on other fronts as well.... including economical resources.