Given China's overall history, it'll eventually come crashing down in flames due to purely domestic problems. Been that way since, oh, the Zhuo Dynasty.
Foreign-policy wise China fears:
* A rebirth of Japan.
* A rebirth of Russia.
* The rise of India (which has more treaties with the Occident than it does with China, being a former part of the British Empire; India is also a part of the British Commonwealth).
* A strong European Union.
* A renewed United States.
Red China also seems to be paranoid about the followers of Sun-Yat Sen.