Exchange rates attempt to reflect market value. China is a developing country, so it’s exchange rate is low, and its GDP when converted by exchange rates reflect that. Otherwise you potentially inflate China’s GDP and wealth (which is what the World Bank did). China is still a poor country, I think most Chinese are aware of this. It’s the Western Sinophiles who don’t.
Even if the World Bank over estimated China's wealth, that shouldn't take away all the accomplishments that has occurred in China. China moved up the rankings from about #8 in the world a decade ago to #3 today using the current exchange rates. And as you said in another post, the official exchange rate is likely under estimated.
It's ironic that China is both criticized for having an economy built on a house of cards while at the same time seen as a threat. The reality is, neither is true.
China trades her sweat and long hours for technology, which is an intangible. The West looses nothing and China gains know how to build a modern society for herself.
Despite the rhetoric on this board, your sentiments are right. China will do well, it's just a matter of time as she implements technology, both production of durable goods and information.
God Bless.