The main issue, as I see it currently... is that the world economy is far more dependent on the USA than on China.

If China goes into a Depression, it is much less likely to affect world economy than if the USA went into one. The 2008-2009 recession affected the entire world, not just the USA. The Great Depression of the 1930s became a worldwide depression.

But if China went into a depression... it is unlikely to have all that great an influence on the USA or Europe.

Result of war between USA and China = Fallout universe. I got dibs on the Enclave Hellfire Armor...