Can China Warn the US?

Before the Dalai Lama's recent visit to Washington DC, China told the US that honoring the spiritual leader in any way would, according to the New York Times, "'an extremely serious impact' on relations between the countries." I understand that in this situation, China could not let such an event take place without displaying disapproval, and do not see this a statement as much more than that. This makes me wonder, however, can China, here and now, threaten to, or afford to damage relations between itself and the US? While that day may be approaching, it is not now. With it's expansion into regions and markets around the world, China is moving towards the point where they may be no longer dependent upon the American economy to buy their cheap goods. With that will come more breathing room for political threats like the one mentioned above. It may even allow for such a statement to command respect from the US. Until then, the Chinese will have to live with the Dali Lama being honored, and be happy the Bush administration appeased them by not taking any pictures of the event.