I think what is more likely to happen is, as China and India become the worlds largest economic powers, and it will happen, it's just a matter of time, they will basically make the west poorer, that's how that issue will be solved. We just won't be able to afford the things we used to have.

Americans will mostly be jobless and replaced by automation, many goods will be exported and China will likely fair a lot better because it's already a place where "social credit" and other policies already exist which are more acceptable than what the USA will tolerate. Americans hate the idea of free healthcare and UBI for example.

I know the US media likes to pretend China is finished, but I really don't think that's the case, it will continue to grow, even if only by inertia.