This may well simply prove out to be a diversion to a more deadly program China is putting a lot more money & effort into. It made the 15 second news on some stations but China has been putting men in space. The technology yield alone from successful space missions will put them decades ahead of where they are now sooner rather than later.
China may well be taking one out of the old Soviet Union play book and start causing havoc in our missile defense systems. The carrier may well be a threat in the next decade but the space threat could come much sooner and the technology or means they would need to destroy our defenses one they are in space could be quite primitive indeed.
One of China's most needed assets Navy wise they still are not focusing on or are they? Their main problem is how to get their large Army from point A to point B across water. I'm estimating that in a pinch a carrier could likely transport up to 20,000-25,000 troops provided there is no aircraft on board. Five such Aircraft Carrier's or large ships of equal size {freighters etc} being used for such a purpose would make for considerable trouble if they did manage to off loaded troops successfully. All they would need would be a port let's say in Panama or Mexico to off load the troops.
I believe the Varyag will be at sea by 2008 for the Olympics.
As to their space program, they are advancing very rapidly and that will definitely yeild them a lot of dividends.
Regarding military Amphib capability, they have two hundred anf fifty of these:
Thirty of these:
and about twnety five of these.
...and these. And more building (not including what they would certainly appropriate from their commercial fleets).
