This debate was conducted in Canada sometime during 2011 as part of The Munk Debates. Since I've already read almost every book by Niall Ferguson (most recently Civilization: The West and the Rest) and On China by Henry Kissinger, I felt I was rather familiar with their views on China, and so, I was more interested in the views of David Li and Fareed Zakaria.
Very quickly I came to realize that this debate is not only about China, but also to a large extent on the fragile situation of the United States, which can determine whether China will dominate the 21st century. As was expected, Ferguson, who argued the pro, put the emphasis on the declining state of the U.S. economy and the growing economic power of the Chinese.
David Li (also arguing the pro), took the Chinese official view that says that we in the West are thinking in wrong terms. It's not a question of whether the 21st century will belong to China, because China is not interested in dominating the world. As a society shaped by Confucius, China is mainly interested in solving its domestic problems and is far less interested in intervening in other countries' businesses. In David Li's words, "it's just not in China's DNA". Thus, the entire notion of the debate is flawed in the first place.
Kissinger in my opinion was a lot less coherent than the rest of the debaters, mostly arguing that China will gain influence, however, it will not dominate the 21st century. The world will be more multi-polar.
Fareed Zakaria had the most convincing arguments, stating the fragile state of the Chinese political system, the growing inequality between the rich and the poor, the lack of freedom of speech, the real estate bubble, and the inefficient growth in China. Therefore, China's growth will be a lot less smooth than most people realize. However, in my opinion, Zakaria downplayed the severity of the U.S. economic situation and how it will affect the military and economic influence of the U.S.
To sum up, a lot of interesting insights can be gained from this debate, and it's highly recommended to people who are interested to know what these great thinkers have to say about where China is heading to.