China vs US Who has the upper hand?

I am not an economist but I has a different perspective. China has a lot of money invested in the US and has purchased a lot in the US.
But I believe that we have a two fold advantage over China ergonomically.
Fist we are the biggest consumer of Chinese exports in the world. If we cut back in out purchases from China, their economy will crumble.
But here is the other factor that no one seems to see. Because China invested in the US, then to damage the dollar will damage their own investments.
So I feel confident that if we choose to excerpt China would be in a heck of a big hurt.
So if we don't consume and our dollar devalues, then China is in for a real tough time.
What say you?