Ted Fishman's China Inc book

Before The Stamford CT Trade and Investment Conference last week I had dinner with chairman Gene Rostov and with Ted Fishman , the keynote speaker. (http://www.leadingauthorities.com/23866/Fishman_Ted.htm)
Ted, an accomplished journalist, spent two years researching how China impacts every aspect and part of the US. He outlined 5 major issues and handled questions with great insights. The issues and discussion are front of mind, and we have scheduled a book club discussion to dig into the issues. Ted will be available by phone to give us further insights.
How big a competitor and partner is China? Is is similar to the Japan threat 25 years ago? How do we respond?