No.....China will never replace America as the world power. Either one of two things will happen. America if felt threatened, would either defeat them in a military confrontation, or the world becomes untied under a world government. I think the latter will happen.
America is just too strong militarily with an aggressive & well armed population. Also, America is just too battle tested for China to just walk over us and claim top dog status with no contention. It was only 70 years ago that Japan was walking all over them. What great battles have they fought and won since? China has a strong economy because they don't have a high military budget, nor give out economic aid to others like the U.S. does.
I work with and know many Chinese people. I even have a Chinese internation student who lives with me. Chinese people love America. They are very peaceful, and have no asperations to be a world power the way the U.S. does it.