And indeed the Bible does prophesy a great power rising in the Far East. But it's a power that comes with its own military against the beast (Revelation 9:14-16; Revelation 16:12). This could very well include China, perhaps in alliance with other regional powers.
China is a great power and is set to become even more powerful. However, it's clear that whatever strength it wields will be separate from the beast power that's to come.