Hey Pete,
First, I'm with mudpuppy on this one. That rabbit hole could hit Pluto... forget China!

I understand the premise of the question, for I too have felt a "nudging" if you will. However, I started my "prepping" long before it was a term and I lived by the flesh. When I was on active duty we would train with Special Forces and Rangers who taught us in-depth survival training when I was a Forward Observer, and I was also the Survival Sergeant in our National Guard unit for 2 years. (My Lt. also analyzed the Rodney King debacle and told us that if there was ever any civil unrest and you live in a city, you have anywhere from 30 to 45 minutes to "get out" and "head to the hills" before a city goes on lock-down and anarchy erupts.) The great thing was that when I got out of the Army, I took this "head-knowledge" and built my first "Bug-out Bag". (I made one for Al as well) What's in my (our) bug out bag? Here's the high level view;
5 Types of Fire starting material (Lighter, magnifying glass, Magnesium, 9Volt Battery & Steel wool, water proof matches)
Water purification devices (straws, tablets, etc)
Survival knife (sharpening stone a must)
First Aid kit (large)
Ammo (this can be used or sold for goods) I have 9MM (4 boxes worth)
Slingshot (for hunting small game. Noise discipline is a must in a survival situation)
Junk Silver coins (if the crud hits the fan that badly, I highly doubt precious metals will retain there value, but that's another story for another day

)
Contractor Garbage bags (the thick Mil kind, I keep 4 at the bottom of the bag) / Freezer Zip lock bags (Millions of uses)
Animal snares (
DISCLAIMER: Please check your state regulations on snaring small game. In some states it's illegal)
Lensatic Compass
Flashlights (Small conventional and the shakeable kind)
Mini Grundig World Radio
GPS (mini)
2 Way Radio
Solar battery charger with rechargeable batteries
Now Pete this is why mudpuppy said this is a rabbit hole. He's right. For you your bug-out bag could be 37 Snicker bars, a flamethrower, a bottle of Ajax and 3 Qtips. It's basically "what do you think you would want to have if you had to "bug-out" of a situation". That is my "basic list" above. I have more items too but it would be a longer list. I also have a rendezvous point for Al the kids and I. (I work 25 miles south of home and if major highways get shutdown, you might want to plan on a meeting place because if you don't have a mini-helicopter in the trunk of your car, getting home might pose a bit of a challenge and could take days to even weeks depending if you have to travel by foot).
Now, do I believe I will need all of this stuff? I pray not. As I've started dying to the flesh I know that the Lord has Blessed me with every bit of training that I have. Could I survive on just what's on my back? Sure. Why? Because if I do survive, it won't be by my hand but God's alone. For instance; I'm not concerned about food at all. Did God not send Manna? Did Jesus not multiply the loaves of bread and fish? The way I view survival now is through my Spirit man and not of the flesh like I used to. My flesh knows to get out of dodge if the proverbial crud hits the fan, and my flesh knows to head to the boonies with my family away from the anarchy at least for a few weeks until things settle down. (Worst case scenario mind you.) The rest, well, I'm a child of God and he will love me and our family and provide for us. And having true Faith in that provision is what can carry anyone through a tough / survival situation. Thanks for the post Pete and God Bless!
Greg