Well...

not really.

All you have said is true, accept the assumptions have changed.

The ultimate cheap labor is robots.
So, where do you have your robots? In a country that has the best property rights for corporations. We will see a lot of corporations returning manufacturing (but not jobs) to The US.

And then two big things happen.

1. Things out of integrity will crumble.
2. The ice age will destroy crop production

So, we will see protests like never before.
China isn't one united country. They are held together by force, and Tienanmen Square was not a one off. It was only one of thousands that year.

As food shortages rise and masses get more aggravated and aggressive, we will see the collapse of countries.

The balkinization of America and China are already in the works.

So, we will never see a China dominated world.
But, we will see a world without war in a few generations.