Dude, the Chinese don't even PRETEND to be Communists anymore. They're now embracing capitalism with both hands, or hadn't you noticed?
All that remains left to do for China to become a true "superpower" is for the people to realize that a modicum of economic freedom MUST with a corresponding modicum of political rights.
Once that connection is made, the Chinese "Communist" Party is doomed.
I'd hardly compare the two (Europe's demographic and cultural collapse and China's continuing quest for a system that actually works) in quite that way.
Clarification on the point:
The One Child Policy is the natural result of a totalitarian government that finds itself unable to cope with the related problems of population growth and food production.
The future of a combined economically- and industrially- liberated China will go much further in INCREASING the population then the Commies ever did in DECREASING it. It's a turism that when people can afford, and support, more people, they do. Two primary steps in creating the conditions under which this can occur are political freedom and a strong economy.
China is beginning to get the former (although the government drastically exagerrates the rate at which economic growth is occurring for political reasons), and it's only a matter of time before the latter occurs.
The chicoms are still murdering thugs. How can anyone not notice that?
They are still communists in China or don't you read the newspaper? The leaders of China belong to the Communist Party. There are no other parties allowed.
However, you leave out one important point. When the Chinese people start to take their revenge on the "powers that be", it's going to get ugly and very very bloody for 10 to 20 years.
If the world can survive those years without any nuclear exchanges then it truly will be be the beginning of the Chinese century.