I think that's exactly the point of the comment you're responding to. He's not saying that, "China is going up, therefore depression incoming." Instead he's saying, "The reasoning, 'US also had a period like this, therefore China will be OK,' is false."
yes it is false but that was not my reasoning. I was merely trying to draw parallels between a time people are probably familiar, saying that there is no use comparing modern China to a developed country. It is not a modern country, but it is so "rich" and "powerful" people (like the OP) get that idea in their head and become inevitably disillusioned.
Perhaps I could have made a parallel to Brazil or Thailand?
Yes.
Remember what followed? The Great Depression.
The trend in China may be upward but is that because of real growth or just due to the inflation of a huge bubble?