Does the world need China? Check out an article about the future of China and U.S.-Chinese relations:

http://www.europeancourier.org/home.htm

There is also no reason to assume China will take the same course.
I'm familiar with Huntington's theories and to some extent agree with them. He never suggested that US dominance would be replaced with another country's dominance. He suggested that the US would no longer be a hegemon and the world would return to its state of multiple strong states competing for influence and dominance, with none being strong enough to dominate.
Colonization was started under such a context, but it was a different world for other reasons as well. As it turned out, colonization was unsustainable. That lesson will resonate. The US and USSR became dual dominant powers and themselves competed for dominance over smaller states. Now in hegemony, the US acts as a police nation over threats to its stability. Huntington believes that this will prove unsustainable.
So if there is a neocolonialism, there is no point in singling out China. The US, the EU, and whatever other major powers exist in a world without hegemony will compete for dominance over their regions in similar manners.

Also the upcoming dominance of China is largely overstated. Like typical strong communist states, China has accelerated to the point of catching up but will slow if it does not adapt. It has taken up something similar to the "Asian tiger" model, which works to build up for a while but because it requires a homogenous, totalitarian political climate (which China has now), it eventually erodes with the powerful middle class' efforts to take power from government.

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That information is classified and to be given only on a need-to-know basis...

And I do not need to know.

In my opinion, China has already taken that course. I don't mean a neo-colonialism because such an action would most probably constitute an act of war in international law terms. The expansion will be merely political and economical. Chinese and Americans having similar natural interests will have to start fierce competition.

S.P.Huntington said, and supported his statement by many evidence, that the Western civilization has already started to erode and that it would loose dominant position in the world in 21st century.

However, I think that forthcoming rivarly between China and the U.S. may cause the renewal of the West, because such a competition would be able to force new reforms and further modernization of the Western countries.

Of course, it is not sure if China will ever overtake U.S. economy, military and political power. However it is doing well so far.

China is also a permanant member of the UN Security Council. That is a huge problem for the US in the future. India will also be a powerful country economically, but they don't seem as militaristic as China or the US.

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"The person who has nothing for which he is willing to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself. " — John Stuart Mill