Assuming that it doesn't go nuclear, China does not pose anywhere close to the same military threat as Germany did. Or Russia, for that matter.
The Chinese are at a severe geostrategic disadvantage. The fact is that we could cripple at least one-third of their industrial and agricultural capacity with the use of maybe two-dozen bunker-busters on the Three Gorges Dam. No nukes needed. Further to the point, their entire coastline is dotted by enemies, who could easily adopt nuclear weapons, as mentioned by Saz. They can't even produce enough food to feed themselves reliably in peace-time, let alone war-time.
Personally, I think without the conscious decision of the Chinese government to be utterly destroyed, the chance of military conflict is very low. They simply do not have what it takes. They can throw a billion people at the war, it matters not. The entire game of the Chinese is to take advantage of the fact they will gladly sacrifice people in a way that the West does not like doing. "Give a dictator an inch," basically, which we've been doing for decades, but which we could easily stop doing at a moments notice.
Beyond that, the only way they can legitimately threaten us militarily is with nukes.