Last I checked China was still busy cranking out cheap junk to sell to us, albeit at a slower rate than during most of the Bush years. China would not want that to stop either. As a result, I would say that we and China will be locked in this crazy dance well into the foreseeable future.
We are the losers in this "crazy dance," because our wealth is flowing into the Chinese coffers. Pretty soon our consumers will not have the money to buy their goods. This country is headed for a huge fiscal train wreck within a decade. Our entitlement systems are bankrupting us. We are living way beyond our means.