China and the World Financial Crisis

I recently read an article in the L.A. Times, detailing China's position during this world financial crisis that has hit the United States and many other world economic powers hard. China has seen it's high powered economy slow down a little. It is a direct result from the financial crisis that has plauged the markets in the last month. The result is that the Chinese economy is slowing down do to many significant businesses that are counting on the Chinese to help with the crisis. Much of the money the United States has borrowed from the $700 Billion dollar bailout of many Wall Street businesses is money from China. However, could this lending money out from China create problems for the Chinese in the future? The article stated that China saw a slow growth in the thrid fiscal quarter in 2008, the lowest growth it had seen in 5 years. It projects that in 2009 that China's growth will fall to 7%, which would still keep China on top of global standards when it comes to economic growth, but it is far from the pervious annual growth rate of 10% a year. Will this economic crisis present an opportunity for China to rise above many of the from economic powers? I personally think that China is in a good position to assume the role of global hegemon in economics, because of the outcomes that have come from this global financial crisis.