TLDR: “ Beijing assumes that Washington’s own policies will dismantle the foundations of U.S. global hegemony, even if it creates a lot of turbulence for other countries in the process. China’s top priority, then, is simply to weather the storm.”
China has had extremely abusive trade policies - basically following the Rockefeller strategy of subsidizing extremely low prices in each industry to eliminate all foreign competition, then raising prices and moving to the next industry. They also steal intellectual property from foreign partners, then shut down those foreign companies ability to do business there. After a long history of extremely damaging trade policies, it's amazing any businesses want to do business with China at all.