IS THE CHINESE MILLENNIUM ARRIVING...?

Everywhere China is the news these days.Looks as if many are concerned on an emerging China.Kind of political panic prevails internationally.Particularly so in America.News, networks, forums diplomatic utterances all pointing towards an emerging China and its various impacts globally.Is it some thing to be so scared about like global worming...?
America may be unwilling to shed its superpower status. Japan may have concern about its territorial integrity.Every other nations have their own causes to bother about.But the world leadership was ever subject to change and that is a reality all need to accept..After Persian,Roman,Europe,British,and America, may be it is China's turn now. Nations need to accept and accommodate their new leader now shedding away all their inhibitions.
But may be the biggest question now will be asked is whether China is ready for that status of International leadership?Apart from economy everything else also has grown up in China for the new challenge...?