* Can the Chinese say 'No'? Yes, as opposed to the Japanese and the rich oil countries decades ago. They do not need the US for natural resources. They do need farm products but they can be supplied by many such as Australia. They do not need American movies, music... Everything they can develop themselves. EU and Russia can supply airplanes for now.
The question is "What if China withdraws all the debts we owe?"
* A $20 wage can never compete with a $2 wage. It is the same of growing sugar cane in Alaska. It will work and create a few jobs but the cane would cost many, many times more.