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A) I'm not sure China has had global dominance over the US, but they definitely have dominance over pretty much every other country depending how you measure it.
B) I'm really really not sure I believe the gloom and doom predictions for China's economy when the government tightly controls all aspects of the economy. Even if they have reached the end of the boom, I don't see much of a backslide. They are buying up shipping ports around the world to give themselves preferential rates and access. They are buying up natural resources around the world to give themselves better preferential rates. They are doing what the US did for so long in giving out predatory loans to struggling countries in exchange for preferential trade relations.
I'm pretty anti-China in most things, but I'm realistic about the state of the world.
For your second point, I feel that their declining birth rate is a huge problem that adds to the economic downturn they are facing. After the one child policy they were already facing a generation gap in the workforce, and now that the people are generally against having kids due to financial constraint, they will not be able to keep up with the workforce demand regardless of how much control the government has.
What they are doing now (to my limited understanding of global economics) is just investing to pad their economy and brace for the sudden hit their economy will take at some point.
They also have the most disproportionate gender imbalance of any nation in history, and gender imbalance is strongly associated with internal disunity and violence.