I am one of those foolish people, although the idea has already been countered in this thread. With the opening of trade and the economic progress China has made, tens of million (if not hundreds of millions) are living significantly better lives there. China's controlling Communist Party (CCP) calls it "Chinese Socialism", but that isn't fooling anyone with half a brain in China. They know it is Capitalism that has changed the face of the nation, where their grandparents had to live hand-to-mouth, and where they now can afford to travel abroad to study at the best universities in the world. There is no going back for the CCP.
For the CCP members, the only thing that matters is staying in positions of privilege. Few, if any, give a rat's ass about Communism itself. With daily minor riots throughout China, they know that they have to keep the major eastern population centers happy, and that is by keeping the new Golden Goose going. However, new-found wealth will only keep the current system afloat for so long. Sooner or later, the progress will top out, and the people will grow restless if they do not start expanding social freedoms as well. The day WILL come. Tiannenmen Square has not been forgotten by either side. The CCP knows all too well that they cannot resist an organized resistance with too many people. Just 5% of the population (60 million) would be more than enough to overpower their entire military (2 million). Once the economic reforms have stabilized, the citizenry will expect the social reforms to begin, as well. I have heard this from more than a few Chinese nationals, both here and in China. They accept the slow pace for now, because the economic reforms keep so many people happy, and because the brutality and stupidity of the Cultural Revolution made all Chinese feel a bit skittish about fast-paced national changes. However, the opening of the first (economic reform) door is almost certain to lead to the opening of the next (social reform) door. The CCP is simply not interested in Communism or in taking on a significant percentage of the population. They only want to stay in positions of power. If cedeing more social reforms will keep them on top for another 3 decades, they will happily bleed those freedoms, slowly but surely, to keep themselves in power.
China's real challenges in trying to surpass America's greatness doesn't even lie within the CCP or within America. It lies within their poor quality control, the exceedingly well-entrenched corruption at the local political levels, and in their fatalism borne of generations of upheaval and instability. If they can unify behind a charismatic leader or group who promotes workmanship and ethics (and Harmony and Unity are HUGE Chinese ideals, rather like Mom, the automobile, and happy childhoods in America), then they just might have a chance to knock us off as King of the Mountain in a few decades.
Precendent, please? Keep in mind that the American ideals of social and personal freedoms have little currency in eastern cultures.