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Britney Spears said:defeat in these kinds of little wars was exactly what send China into the downward spiral in the late 1800s, and no Chinese, whatever their political bent, wants to see a repeat of that era.
Perhaps "little wars" is a bit subjective as both a term and as the cause of the downward spiral. As well as the numerous "foreign adventures" (a completely subjective term) there was the Taiping Rebellion (how many millions of people need to die for it to be a "big war") and, if you weren't referring to the Taiping Rebellion as a "little war", you appear to be glossing over its contribution to the downward spiral.
Combating the Taiping Rebellion, the Nien Rebellion, and the Moslem uprisings in the west would severely weaken an already floundering state.
Thus, I would argue that the current shifts in Chinese military posture is not an indication of aggressive expansionism but only an adjustment to face modern military realities.
I would argue that aggressive expansionism (is there leisurely expansionism?) by China has historically been contained by either China's own tendencies towards feelings of (hmmm....) condescension of non-Chinese cultures, and by China's ability to be preoccupied with internal uprisings and rebellions (it wasn't just Mao or the 20th century Civil War).
While the historical holds on Chinese expansionism may not now be present, I would agree that Chinese expansionism is not the likely course, for the near future. China is a growing threat because it is growing, and shares no common bond with other nations.
You do bring up 1979, which is the more likely threat from China, limited military punishments against nations that impede China's interests (Gunboat diplomacy - no irony), or as a show of force. Or squatting in disputed areas and then daring anyone to move them.
On another note - China is often heard complaining about the Japanese occupation, but says nothing of when it was an imperial power. China might not have occupied much more territory then it now has, but it did control other nations by threat and demanded tribute be paid to it - No apologies from China for its demands for concubines from Korea for the Emperor.
Again though, I agree, any nation in China's position would be doing exactly the same militarily. A nation of that size and economic power won't sit around without any modern military capability.