Perhaps it is not a serious problem for China, but it is for the United States. For instance, this infusion of American consumer dollars is funding the Red regime's military build-up. The large trade deficit is not only due to slave labor. Chinese regulation of the economy is mostly to blame. Even with concessions made for entrance into the WTO, China retains a tight rein on business.
Foreign investors can only own a percentage of a few business ventures.
It is also unlikely that China would allow trade to become too open, in spite of its promise of a freer system. The application of non-tariff barriers has contributed to China's significant overall trade surpluses. In the same article, the Journal reported that at a conference in Guangzhou, factory managers and government officials who were encouraged to improve efficiency in order to be competitive with foreign investors were assured that the government would not abandon them. Indeed, China greatly subsidizes its state-run economy, making actual free trade nearly impossible. It has also encouraged stock market growth by use of regulations that encourage its citizens to invest their savings in the market.