Is China a threat to the world?

After 30 years of Economic booming, China achieved many considered a modern marvel of free market economy, from a country who could barely feed it's own people to the world's third largest economy. As the result of this, Since the early- to mid-1990s, China's military has started modernization, especially past 10 year, from weapon's technology to space program is catching up with incredible speed if not in some area has already caught up even bypassed the west. So the question has emerged, will China be a threat to the west?
The Yanks certainly prefer the threat theory. Under its "one China" policy, the United States recognizes that Taiwan is part of China. But at the same time American is selling weapons to Taiwan. what a hypercritic! So the "Chinese threat" is that China may be able to deter or counter American intervention in a Chinese civil war. Who is the attacker here? If Britain or France had intervened on behalf of the Confederacy after the American South declared its independence, would the Union have seen such action as defensive? I don's know. In a 21st century where the most important division will be between centers of order and centers or sources of disorder, it is vital to American interests that China remain a center of order. America needs to handle a rising China the way Britain handled a rising America, not a rising Germany.
Is china a threat? I personally think it's still to early to say. On this matter, EU is more calm than American's wishful thinking if I may say.