I think that the rapid exonomic growth of China is extremely significant for the world. I have thought much about the possibilities for the future in a bipolar or multipolar world and it interests me greatly. Here is my opinion:
China isn't going to start wars with major powers anytime soon. They are riding a huge wave of economic growth and a major war would seriously hamper that growth. Instead they will probably shore up their "minority situations" in Tibet, Manchuria, and especially, the Muslim provence of Xinjaing. They will then, if they choose to expand, either focus on Vietnam, the centeral asian republics, or Taiwan. They would probably not touch tiawan intill they have significantly improved their armed forces. Then the US would not dare intervene because a war would be too costly. I would not be supprised if they go after Vietnam also, possibly even before Taiwan. They invaded earlier in 1979 and suffered enormous casulties, however now would not have too much trouble. However, If there is a chance that any major power (US, Russia, Japan, Euroean nations) would interven I doubt China would dare doing anything. Right now China is begining economic imperialism, not military conquest, as evident with its attempts to expand in Latin America, which are remarkable themselves.
Also, one should realize that China is having difficulty keeping a lid on democratic protest due to the extreme economic growth and the anexation of HK. If it goues to war and suffers any setback, then there could be a chance for rebellion. Thus, war is not forseeable in the near future. Dont worry about the EU sales of waepons to China, in 20 years China's army will be equal, if not greater, than any otther nation's.
Please share your thoughts, I hope you all have interesting insight.