What actually will most likely end up happening is China is going to get major heat until they open up and comply with real free market economics and drop the multitudes of barriers foreigners face.
even japan hasn't removed such barriers - but at least their currency floats so their goods are priced in 1st world dollars, and so are their wages (actually, much higher then US wages) and standards of living.
for now, give me a 40% revaluation of the Yuan for starters, and I'll be happy. Because a 40% revalue will force the "china centric" approach of the US tech industry to be reassessed quickly - they will refocus on expanding in the US, and we can actually see some decent job and wage numbers as part of our economic recovery here, instead of exporting 9% GDP growth to china.