No it doesn't, that's not the way the internet works - it's only if you conduct business in the EU. That means, if there is a service / entity which exists in said country.
If a citizen of France in the EU calls on the phone a citizen in China to buy something, the Chinese citizen isn't subject to EU laws. However, the Chinese citizen AND the French citizen is subject to Chinese laws, and the French citizen is also subject to French laws. Plus there's a plethora of international trade agreements.
This is where everything starts becoming strange, because in the case of the GDPR it's an attempt to subject the Chinese citizen to a law from the EU. I.e. this is a debate over sovereignty, the EU citizen should be responsible for conducting their business not the Chinese citizen.
(a) The Chinese citizen never left China
(b) The Chinese citizen never intended to leave China
(c) The Chinese citizen doesn't know the laws of the EU, because they aren't there
(d) The Chinese citizen conducted business in China, because the transaction occurred there (i.e. the money was transferred to the China) <- This is the rub, because where a transaction occurred is actually defined differently in each country