That article, while not exactly hysterical, is way over-blown.Excluding nuclear weapons,China simply has no significantmeans of projecting force and won't for some time to come. The author gives great significance to the two aircraft carriers that China possesses, and erroneously assumes that they are both operational. They clearly are not, although the Varyag may someday be.
As for the Melbourne, (and the article grossly overstates its size)not only is it not in service, but it's basically a slightly updated WW2 carrier!
Also, the authorclearly has no conception of the size, number,and capability of American aircraftcarriers compared to other countries' carriers. Of all the active aircraft carriers in the world, about half belong to America, and they are much bigger than the others.