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While I would agree that if (I believe it's probably more a case of when) the U.S. economy goes down the drain, China will certainly take a hit, I don't think it will collapse. The U.S. is not China's sole trading partner and I think they would simply adapt to the new circumstances. For the moment, it is probably in the Chinese government's head that it's in their best interest to support the U.S. They'll be wanting to take advantage of America's success until such a time that it's economy reaches the same level. China is surely aware that opposing the U.S. is not quite within their league just yet.
I didn't say it necessarily would collapse - rather, a collapse would be a worst/best case scenario depending on how you want to look at it.
My reasoning though, is that a significant part of the Chinese economy depends on jobs provided by American outsourcing. If some of these American producers go bankrupt and close, China is going to start seeing an increasing unemployment rate, causing a situation much like the gas prices here in America are right now.
Another possiblity of an economic collapse is our government finally getting around to putting limits on outsourcing in order to keep money within the country. This would also hurt the Chinese.
And yeah, I'm seriously worried about the state of the US economy.