The Russian economic meltdown demonstrates the vulnerability of export driven economies to market pricing of the products they export.
The US could bring the Chinese economy to its knees by slapping a 30% tariff on imports. China would then have to choose between increasing its export subsidies (despite the claims of free traders China does subsidize exporters and capital employed building factories producing exports), devalue its currency, or absorb a dramatic drop in demand as new US factories come on line. Any of these actions would divert resources from its military buildup as well as create social unrest.
The time to deal with China is now, before it develops superior military capability and while there is some remaining US industry on which to build. Continuing on our current path will lead to economic collapse, military defeat, and third world status.
The Chinese are rats on a wheel — they have had to maintain the trade surplus with the US by buying US debt. If they stop, their own export-dominated economy collapses. The US did the same thing with Japan, except that Japan was also paying top dollar for real estate (Hawaiian golf courses, the Rockefeller Center, etc). China has to keep the yuan value from creeping up against the dollar. On one hand, the dollar will be boosted because the price of oil has dropped. OTOH lower oil prices benefits the yuan. OSAH, their energy costs will decline.