Undoubtedly China could, in the long-term, surpass American naval power if she so desired. The foundation of military power is economic power. This equation drove the United States to its present position of global dominance, and will also drive its decline relative to China.
The long-term question, therefore, is whether or not China will in fact desire to match or surpass the United States Navy. I believe that China will seek strategic parity with the United States, but that this does not necessarily imply a certain number of aircraft carriers, large amphibious vessels, or nuclear submarines. Rather, Chinese strategic geography will continue to dictate, as it does today, that a greater proportion of Chinese strength will reside in small and medium-sized vessels, in conventional as well as nuclear submarines.
Of course there are any number of other trends that will shape future dynamics of power. Within the military domain alone we will witness the continued, albeit slow, decline in the importance and pre-eminence of naval power itself, as air- and space-based power continues to develop, coupled with emergent forms of power such as cyber-power and new possibilities for the exercise of power opened up by nascent nano-technology, and genetic engineering.