I think the only think that China might do is start borrowing dollars (whether the public or private sector does this is immaterial) to fund its economic activity, using its currency reserves to back that debt

An example that leaps to mind, (because I suggested it a while back), would be for China to build hospitals and clinics on an industrial scale. They have the need. And when they do this they could borrow the dollars to do this from, say GE Capital, and purchase suites of US manufactured medical electronics, MRIs, CAT Scan devices, patient monitoring devices, OR equipnment, etc. from US suppliers, anything we have. This would boost economic activity in both countries, but lead to less overheating of the Chinese economy than would trying to develop the ability to manufacture all of those systems domestically. In China there would be a hospital construction boom. In the US there would be greater use of idle or underused manufacturing capacity. Plus, they would be significantly expanding an upper middle class employment sector and providing good careers to current and future university students.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."