As China was emerging as a leading power in Asia....

China is the sleeping Dragon, afterall. It is not losing any power but slowly and surely gaining it one by one. They are doing it one step at a time, they are educating their children, giving them more "tools" to face the world equipped, mentally and of course their parents are helping them out by working in factories, etc. and so they are now emerging as a great nation.

China was one of the first world superpowers. China had to build the fleet at that time neglected (not only Mao) agriculture. Famine in the country led to a radical rethink and to abandon the fleet.

Sorry, I could not catch your meaning. Do you mean in the history China used to be the leading power in East Asia and lost such status since modern age? If that is what you mean, I could show you the reasons. The main reason is that due to the tradiational beliefs China didn't catch up with the pace of Industrial Revolution which started in the Europe. In order to find resources and markets, Western countries gradually aimed at gigantic China. At first they captured those vassal states of China and turned them into their colonies. Then they forced China to sign some treaties in order to satisfy their needs. So China gradually lost its leading power in East Asia. But since 1980s China has been developing so rapidly and gradually regain its status in the past mainly through trade and investment.

I don't think China is emerging as a leading power in Asia. That statement would be more fitting a decade or two ago. Now, China is the leading power in Asia and it's just a matter of time before it becomes the most powerful nation in the world. Not unless the countries who are feeling the threat are not going to do something about it.