The elites thought they'd set up shop in a new, gigantic consumer market and reap the rewards. So they got Clinton to spend his last days in office lobbying very aggressively for China's inclusion into the WTO.
China had different plans. Keeping the plunderers out (this time) was one of the smartest moves any nation has made in recorded history. Then the same elites slowly pivoted against China, post realizing they wouldn't be allowed to own China. If we can own you, you're our friend; if we can't own you, you're our enemy. And this is quite obviously not a defense of China's human rights record or anything else, that's not the point. China only mattered (in the enemy sense) when the elites realized they were going to be locked on the outside of the rise.