As Pecora said, wind the clock back 30-40 years and people were saying the same thing about Japan - flooding the global market with cheap imports etc.
Fear not China, because no doubt the same as happened with Japans evolution the same will happen with China. Increased domestic wealth will lead to higher wages etc etc. Eventually, as was the case with Japan, they will lose the low input cost competiveness to some other undeveloped country, and the whole cycle will start again.
