If Congress proposed to raise our taxes, and use the tax revenues to purchase lots of Chinese treasury bonds, China would certainly enjoy lower interest rates, but wouldn't most Americans object to this proposal? Of course. But then why do we object when China does basically the same thing, and helps finance investment in the U.S. economy? We might object because it possibly makes the Chinese worse off, but nobody makes that argument.
Read Greg Mankiw's excellent explanation of why the current account deficit and capital account surplus with China is not a big deal. "While some jobs are lost to import competition, other jobs are gained because of lower interest rates and greater investment spending that capital inflows finance."
Note: We get a $200 billion capital inflow annually from China.