That battleship is a joke. All it says is they're trying to grow their capabilities. They're still decades or more away from having any naval power that's even close to where we are now.
China has a bunch of our debt? Haha, good luck collecting on that! Brb, printing more money, inflating shit, reducing the significance of their debt. If China (or anyone) thinks they can get one over on American businessmen, bankers, etc they're in for a rude awakening.