What would occur is that an open Chinese market would be clamoring to buy US goods, all of which were made in China by themselves at ridiculously low wages. With so much disparity in pay, working conditions, laws, protectionism, copyright infringement and purchasing power, I'm not sure this equation will ever balance out. When someone in China wants a pair of Levi's or Timberlands, are they going to pay US prices and support US companies, or are they just going to make themselves a pair during their break? We still have abundant food and rock'n'roll though, so we have that going for us, and that's nice.
Yes, they will. Although China continues to boost their own GDP, many of the "home-grown" products and resources are inferior to what the US exports.
Yes, the Chinese want something new too. Just like any consumer to be found anywhere in the world.
A couple of interesting articles on tough action being sought against china on a number of things. Being brought to WTO after report to congress. http://search.japantimes.co.jp/cgi-bin/nb20061029a1.html