When they start winning some team sports and some meaningful events in Track and Field, other than the 20 km Walk, get back to me.
China gets its medals from a broad range of sports. I have no doubt that they will increase their efforts in swimming and track and field to cut into the US strengths. The Chinese have the money and the motivation to win more medals than the US to claim their superiority and ascendancy. It is all about propaganda. The Soviets and East Germans were similarly motivated, which is why they kicked our asses in most Olympics during the period 1956-1992. And no doubt, drugs had a lot to do with it.
And what most people seem to be unaware of, the Germans won the 1936 Olympics.