It's way too premature to say it's dead. More like it stalled out. America's global culture reach is wider than ever, nor has trade slowed much. The US-China trade deficit is still where it was in 2013 or so.
I can tell you haven't heard of ip man.
China is investing a lot in Confucius institutes and their own films as well. We'll see more after they wake up from the zero Covid stupor soon.