Yes, I think that there is a strong chance of China becoming more advanced economically than the USA. It looks as though the USA is getting weaker economically as the Chinese are getting better economically by moving towards a more positive view of capitalism and better money management from their government than the USA's.
China has seen a number of improvements in scientific achievement and economic growth in recent decades. The Chinese educational system is vastly improved from the previous focus on rote memorization, with students now exposed to a wider variety of teaching methods. Economic development and quality of life in China are both on the rise, with an ever-increasing number of factories, office buildings, luxury apartment high-rises and infrastructure projects being built. China is also expanding their military strength and even their international maritime borders, posing a threat to regional U.S. allies. China will likely prove to be a serious economic and military threat to the United States in the coming years.
China thinks it can control the internet but in reality it can't. Go to the Great Firewall of China website and start typing things in. You will find there are neo-nazi websites (not approving of that but you can see my point), porn sites, even libertarian websites that are allowed by it! The internet is just too much work for the censors to effectively police. And while I checked mostly english language sites English is mandatory for the vast majority of students. Curious young people discover these sites and get a new perspective.
China hasn't even blocked www.debate.org so I wonder if any Chinese people are on here, possibly reading this post. Of course this post could prompt your government to block the site so if you have an opinion you should give it now. I'd love to see what you think.
So back to the question I wish I could say "yes" and "no" because I believe that the Communist Party's single-party rule is going to end sometime in the near future. I believe that a peaceful transition will mean that China may very well become more economically advanced but that that's not a threat. A democratic China will be able to bring a better quality of life to its citizens and stop the exploitation by the wealthy of sweatshop labor. It will be able to stop the rampant destruction of its environment and stop the smog in urban areas.
A healthier, happier China would prosper and would not worry me in the least.