Yes But

Exceed the US ... maybe in gross terms, but not on a per capital basis, and it will be an older society

China to Exceed U.S. by 2020, Standard Chartered Says - BusinessWeek:

"The economy is “unbalanced” and faces considerable risks, including a widening of imbalances, asset bubbles, overcapacity and rising bad loans which could lead to a serious decline, the report says. A 10 percent decline in investment in China would make it very difficult to achieve any GDP growth at all, the report estimates."