Oh, absolutely correct. The only reason the Chinese have a pot to piss in to begin with is because they can have a $250 BILLION/year trade surplus with us.
Of course, they can afford to flood Wally World, etc., with all those cheap Chinese-made goods because they don't have to worry about those silly little things like trademarks, labor laws, environmental laws, silly stuff like that.
But when our economy tanks, theirs tanks that much more. If in fact the playing field (i.e., production, et al) were leveled, the Chinese would simply no longer be able to compete. If this (or any) administration nutted up and demanded a level playing field, even if the Chinese no longer bought any of our debt (mainly because they couldn't afford it anymore), it would force THIS government to act in a more responsible manner.
Right now, people (rightly) see the dollar as a paper tiger when nearly half of all federal spending is financed by borrowing. I'm sorry, when did half of your household budget come from loans? You may take out loans to buy a house, have a credit card, etc., but few people can long last by getting more loans to cover the initial financial obligations.
No, the Chinese are not our worst enemy right now--our own fiscal irresponsibility is far worse.