China is pouring money, resources, and time into thier space program, while the US is cutting back on the space program. The US has been backing out of the space race ever since the disasterous Challenger mission started to change public opinion. CHina will surely surpass the US in the near future.
It won't be hard for China's space program to catch up when NASA isn't even getting significant funding! If anything, private corporations like SpaceX are doing more to advance spaceflight and interstellar science for the United States than our own government is. China will pass us by in no time since we don't seem to care.
Yes, it is likely that China will rival the United States' space program in 10 years. While the U.S. was ahead in space exploration for many years, other countries have developed their programs and may well rival the U.S. in the near future. This could be an exciting development if all countries involved will share their research with the rest of the world.
While the speed at which the Chinese have made advancements in the space program is impressive the United States has little to fear in terms of competition from China. The Chinese operation is still relatively rudimentary when compared to the United States as the recent space station debacle has made clear to the world.