Getting the people whipped up and focused on destroying an external enemy may be the way the Chinese political system can continue as it is for a while longer. Now that so many Chinese can afford to eat, etc., they are beginning to notice things. Like, for instance, the fact they are voiceless serfs in their own country.
China is not a lot different from Singapore in terms of its political system. And I have yet to hear about Singaporeans getting frisky with their government. China's low level of development means the economy has a long way to go before growth ends. I don't think that will be a factor for a while yet. A lot of this rhetoric is probably a way to keep the irredentist Chinese masses pacified.
John Chinaman is extremely nationalistic and anti-American. The anti-Americanism of the average Chinese isn't some kind of yellow peril myth conjured up out of thin air. Jackie Chan is just the tip of the iceberg - the guy wasn't even born in China, and he's a big time warmonger. The stories about Chinese journalists on assignment stateside with State Department minders applauding as they saw 9/11 unfold on big screen TV's are no myth. I encountered similar animosity towards the West (during which I had the opportunity to practice my Berlitz-acquired Cantonese and Mandarin) while seeing the sights in China with a tour group. If they had their druthers, Chinese troops would be burning Western capitals to the ground and laying down the law.