If “conflict” (I’m still vague as to exactly what you mean by this) is to occur between China and America, then I don’t think it would be between the Peoples’ Republic of China. Many analyst, economist, and fellow Chinese place the fall of the PRC in 15 years. However, I wish for no war. A war with China would have to mean total war with a country whose economy is predicted to blossom in 2008-2010. China also has the largest army in the world (not to mention a nigh-inexhaustible pool of manpower) and is rapidly making gains at modernizing their military for the 21st Cenutry (especially beefing up their rocketry, navy, and air force).
I don’t expect that it will go nuclear though (don’t believe everything you read in the books), but in terms of human life and material cost, it will be devastating on both parts. I’m not sure either side would be able to achieve victory. At any point, I would had to see war break out between these two countries. We need the Chinese as a valuable manufacturing and trading partner just as much as we do. That relation alone is more than enough to keep both sides “friendly” with one another.
PS: After reading the post, I basically agree with everything F_alk, Crypt, and Yanny have to say. I honestly doubt that the Chinese (judging from the people here and aboard) have any real intentions of taking Taiwan. Most of that banther comes from the the old, YRC Socialist who are mostly all talk but no action. Mongolia seems doubtful too, and only Siberian has some legitimate concern, but nothing to go at war after IMHO.