China: An emerging super power?

I keep hearing that China is going to become so very powerful and soon.

I honestly don't think China will be a super power soon, they have too many internal problems (rift between rich and poor, corruption, enviornment, various social issues, etc...)

Is it just people talking about things they don't really know anything about or is there some truth to this?  Thoughts?

East Asia can rule the world! But only if they unite under a new greater East Asian co-prosperity sphere.