China Not a Threat, Yet

This article is from Taiwan, which has more to worry from the mainland than us:

The rise of China and the growth of its economic and military power has not yet challenged US supremacy in maritime East and Southeast Asia as US strategic partnerships with regional allies are getting stronger and China still lacks the capability to build a powerful navy, a US scholar specializing in China-US affairs said at a conference in Taipei yesterday.

China has also to deal with neighboring states:

...countries in East Asia have become more reliant on the Chinese, rather than the US market for economic growth, China's economic power has not caused these states to realign with China, rather they are enhancing their military cooperation with the US.
Ross pointed out countries such as Japan, which has recently allowed the US to station nuclear-powered aircraft carriers in one of its ports. Also Singapore, the Philippines, Indonesia and Malaysia which have long been conducting annual Cooperation Afloat Readiness and Training (CARAT) exercises with the US in the region.

China doesn't pose a sgnificant naval threat to America, even in its own waters:

For China to pose a threat to US security it must move beyond coastal sea-denial capability and develop a blue-water, power-projecting navy. However China faces considerable long-term constraints in pursuing such an objective," Ross said He added that no country would sell China a capable carrier and the necessary aircraft and support ships to achieve that end and China has yet to develop the personnel that can maintain the equipment.

Maybe this is all wishful thinking, but it all makes sense too me. Many in Congress and the military, especially those who disagree with an attitional war in Iraq, would love to face down a major land power with a conventional arms buildup, rather than the more elusive Al Qaeda enemy.