The Chinese have 2 Ex Soviet Carriers.. Minsk and Varyag.
One's a musem, the other i believe was scrapped. Seems they lacked the technological and operational know-how to get 'em finsished and have opted to 'scratch build' thier own, balanced against the air wing capabilities and airframes they have or can aquire.
China may 'want' a Carrier, but I doubt it'd be much of a threat to us.. about the only thing our Navy know how to do better than operate a Carrier Force is to sink one.
On the other hand, for imposing their will in the South China Sea and intimidating the Vietnamese, Phillipines and their lil rebel state on Formosa a Carrier Group would be imposing as hell.. however, before they can field a credible threat with a carrier task group they also need the escort and screen vessels that go with it along with the sophisticated defensive systems required to protect it from sea-skimmer missiles, subs and fast attack craft that their 'adversaries' will certainly field (all supplied by us).
For 'feel good' Chinese propaganda, priceless. As a credible threat to US intrests if the chips go down.. useless.