So it seems the consensus here is that China won't be able use a lot of their shipbuilding capacity because Australia, being a U.S. ally, won't sell them iron and steel; their manpower capacity will be relatively useless because a U.S. war with China won't be a land war (remember, never get involved in a land war in Asia), the Chinese don't have their own oil production capability, and that such a war would be economically ruinous (for both sides, but perhaps especially China).

Let's not also forget that early targets of American response to aggression by China would likely be many of their shipyards (our cruise missiles know exactly where the drydocks are) .

My biggest worry about a shooting war between the US and China is the probability of saturation attacks against American naval assets. We could expect the loss of several ships, including aircraft carriers, because the Chinese could, initially at least, launch more anti-ship missiles at US formations than our defenses could handle, and they wouldn't be aiming for escort ships. A few bogeys always get through, and one or two are all you need to take a carrier out of the fight.