I believe the Chinese are rapidly rising to power both economically and military, I believe eventually the Chinese will start to test the limits of their new found powers and we will see a power shift away from Western Nations and towards the East, China will be a powerful player in the upcoming century.
This is the dawn of a new China. The very large, traditional nation, is changing some long lasting policies for the better. The government might loosen the horrible policy they currently have that enables a family to only have one child. The country is also making some business decisions that will be helpful for the population.
Yes, I think the dawn of a new China is happening. Though it's hard to tell through the layer of smog that is covering most of that country due to non-existent environmental protection laws. The new China is much like the old one -- shocking human rights abuses and all. Just without that pesky Communist ideology getting in the way.
Despite being an economical power house, I think a lot of China's reputation as a emerging country is based on the fact that there really aren't any regulations on how China can operate and send out it's information. A lot of the reports and statistics coming out of China are based on what the country wants the world to believe.
I believe China has made a few strides forward especially concerning their domestic policies, but they still display a lot of problems. They still manipulate their currency which could prove a problem for the entire world. They still try to force the hand of other countries when policies affect their country or their desires and for this reason I do not believe the dawn of a new China is happening.