It would be nice to see what he means with 'Chinese content will dominate the web', does he mean that in terms of importance or in terms of volume (or both) ?
Perhaps the translation services will arise out of our desire to communicate and converse with more people, not out of fear. It's an opportunity, not a threat.
As a side note, the desire to think that others act from fear really oversimplifies a lot of social behavior.
I'm not going to learn chinese; you neither, for most values of you. So we'd still have our web for a small group of maybe one billion english-speaking (FSVO) users. Maybe there would be more content in Chinese, but we will never know because we won't bother to read it unless they translate, to ENGLISH.
You wouldn't need to learn Chinese for it to impact you. You'd just start getting more and more readably-chinglish results as you search. And if translation services work well-enough each way, it would have an unavoidable impact on products/services angling toward Chinese interests.