To most observers they've already left the kids table and are now seated with the developed-world adults.
But that might be premature. A big part of China's economic ascendance was purchased with borrowed money – including a lot of US dollars – and came at the perceived expense of US well-being. And the US now wants to redress what it sees as unfair terms of trade in the most abrupt way possible.
This leaves China with huge debts to service and – possibly – a declining trade surplus with which to do it. Here's how today's Wall Street Journal summarizes the situation:
Chinese markets are in trouble once again.