China has the potential, however, there is a problem. If the United States does enter a Depression, we will be dragging China down with us. China's current rise to power is a direct result of American business and industry. Take that away and China's economy will decline as well. Forget that, it won't decline, it will drop like an elephant that was pushed out of an airplane.
The Chinese economy is going nowhere but up, but it is just too dependent on America. If the United States were to suddenly fall overnight, China will revert back to where they were during much of the early stages of the Cold War.
In terms of military might, China can't project their power that well. This is because their navy is little more than a glorified coast guard. Remember, being able to make your military power felt all across the globe is another key part of being a superpower in the modern world. China can't do this. The Chinese navy has no aircraft carriers, and they can't even take Taiwan in their current state. The Chinese may have a good army and decent air force, but their navy is an absolute joke. Russia has a better navy than China, and the Russian Navy was THE hardest hit branch of the military after the Soviet Union fell.
China has a green-water/frigate navy. That means that it consists of nothing but light to medium combat ships with extremely limited range, capable of doing little more than protecting the coast. The Chinese navy is still DECADES away from being able to make it to Australia. Simply put, China can't project their power beyond the countries they border.
So, while China could become an economic superpower within the coming decades, they still need to become independent of the US. Without the US, the Chinese economy would plummet. Likewise, China has a long ways to go to become a military superpower because their navy is so weak.