I'm not sure what this question is supposed to be getting at. Yes, China is becoming a world power, but that is simply due to its ability to dominate the market, and its larger than average population. This allows it to gain dominance in the world. Is this "too much power" though? I don't see how.
In love and war or power, all things are a give and take. Power is one of those things that can only be achieved if one relinquishes their own power. In the case of China, they gained their power by willful players in a little game called dominance. It isn't just a matter of financial dominance or industrial and food dominance, it is more a matter of “who” gave up their abilities to allow China to be positioned where they are today. China owns a large part of the U.S. Debt. How did they get this? Simple, they went to other countries when the global economy began to collapse and purchased the U.S. Debt to aid the financial burden of these countries. As a U.S. Citizen, the fact that China owns so much of our debt really shouldn't be the debate focused on. The debate that should be focused on was HOW did the U.S. gain so much debt in the first place, not who owns the “pink slip”. When it comes to cheap labor, the work conditions and everything else are following an internal set of rules and regulations set by the Chinese leaders. They get jobs done quickly, efficiently and at a lower cost than most other counter parts in their respective industries. One could argue that they don't like the workers conditions, yet they will go down to the local big box store and purchase the goods these workers produced. If workers conditions really bothered people, they wouldn't purchase their products, yet the consumer index continues to raise for these products. The public has voted, and they vote for the product that costs the least. Again, China knows how to get it done faster, cheaper and in your local market. Until another company competes with the way China does business, China will continue to gain power. Keep in mind, power is only gained when one gives up their power to another party. China has positioned themselves to have the power and others have positioned themselves to allow China to take the power. Time will tell if China can maintain that power.
We gave China favored nation trading status years ago when we knew that there were human rights abuses going on. They're destroying the environment and then we borrow money from them. How can we say you 'people need to have freedom of speech and quit abusing your people. P.S. we'll pay you the money we owe you when we get around to it.'
To claim that one country or another has "too much power" is naive and even slightly racist. China is a large growing economy of over one billion people. If they did not hold a significant amount of power in the world then the world would be even more unjust than it is already. China has earned and deserves the amount of power it has, the western world needs to realize that they are no longer the only powers in the world.