No. China is very different to Japan yet nonetheless it is much the same thing as Japan in the 80s. Even right down to the heavy unsustainable over reliance on construction- which in China is artificial, unlike in Japan where there was actually demand at least.
Ghost Cities - China - YouTube
Also people talk about Chinese industry and everything being made in China, etc... meaning they will rule.
The trouble is...China is getting richer. The people want better lives. This means more pay. Which means China will stop being the cheap manufacturing place, for cheap mass manufacturing a lot of stuff will shift to other emerging countries (Vietnam, Kenya, etc...) whilst high grade stuff....well that usually gets done domestically.
Not to mention rising fuel costs within a few decades will really decrease the advantages to be gained from manufacturing something half way around the world.
The big worry of course is the fragile state of the world economy and the potential damage the inevitable happening and the Chinese bubble bursting could do to that.