Not if that industrial base was under pinpoint air attack. As you know, the US mainland was not bombed in WWII. The Chinese would not have this advantage.
How exactly would Chinese industry be under pin-point air attack? Their integrated air defense system network is nothing like the useless KARI network that was faced in Iraq. The only system that has a chance of penetrating the Chinese IADS is the B-2 Spirit(it is stealthy PLUS has the range). Every other system wouldn't make it.
Problem is two fold - first of all there are not enough Spirits, and second of all stealthiness against an advanced IADS may also need active standoff jamming from other platforms that do not have the range to go in. Can strategic air strikes be done deep in Chinese territory? Yes they can. Can they be many of them? No. Already the British have shown (quite some years back) that they could track the B-2.
The Chinese IADS is geared against four types of foes - a limited strike (Taiwan moving against the 3 Gorges), a forceful strike (Indian assets moving in in a limited strike), a powerful strike from Russia, and a powerful strike from the US. Manned platforms over China, even stealthy planes, would be a tough sell.
An option would be massive cruise missile strikes. Which is one reason why the US converted some Ohios into massive Tomahawk missile carriers (similar to the Russian cruise missile submarines). However, there is a problem there as well. The Iraq war almost depleted Tomahawk reserves. Imagine a war against China?
Anyways, the US would win. But it would be a tough slog, wouldn't be anything like all the various conflicts the US has engaged in in the last 4 decades (the Bosnias, Iraqs, Afghanistans, Grenadas, Somalias, Panamas, and now Democratic Republic of Congo and Northern Uganda). It will require pro US government (not the folk currently in place), and will require and end to the transference of technologies to China. However, when it comes to air strikes against Chinese targets, as we speak that has been out of the question for the last half decade at least.