Yes, but that was then, and this is now. What you said was true, but not necessarily now.
I'd say it applies more than ever. The Chinese banks, run by the party, have more than 500 billion in bad loans to industry that can never be repaid, because the party leaders are trying to keep the machine running and fund their clients. If their industrial system falters, there could be a revolution or civil war. Equally, they need customers to sell to in order to survive.
What's more likely is that if a collapse occurs, it will not be at the instigation of China or our other competitors and enemies, but will come because the Fed and the other central banks no longer have the ability to sustain a financial pyramid past a certain point. Then no one will have any choice in the matter.