Just like the US, who was a producer, once the people who do everyday production start to get more quality of life (from selling to other countries) they begin to crave more product and want to be in production less. We produced until it made economic sense to longer produce I.E. labor wanted more while there was cheap labor elsewhere. The same thing will and is happening in China and India. There will be a time when they will also no longer want to work in the factories produce widgets, they want to be the ones that buy the widgets. Eventually there will be less of a, "hey China is a producer while America a consumer" and more of everyone doing a little of everything.
If you haven't figured it out by now, developing countries are using developed countries to pull themselves up. A sort of leveling of the playing field. This is good because it creates huge innovation and bad (for us at least) because it will end up costing us something.
So to answer your question, China will never own us (except or debt) and we will never own them. Instead we will and are codependent.