Why China Isn’t Scared of Trump

"Beijing does not believe that the outcome of the 2024 presidential
election in the United States has much bearing on the overall trajectory
of U.S. policy toward China. No matter who entered the White House, the
next president of the United States would be backed by a bipartisan
consensus that perceives China as a threat to U.S. global dominance and
would keep trying to contain China.
..
Those who anticipate a darkening cold war between China and Trump’s
United States are misguided. The United States’ competition with China
is not over ideology—as it was with the Soviet Union—but over
technology. In the digital age, security and prosperity depend hugely on
technological progress. China and the United States will battle over
innovation in fields such as artificial intelligence and wrestle over
markets and high-technology supply chains. They will not—and certainly
not under Trump—seek to convert others to their preferred governing
ideology. The Soviet Union and the United States used proxy wars to
spread communism and capitalism, respectively. The global South, in
particular, still feels the echoes of the devastation and upheaval these
wars unleashed around the world. Today, however, proxy conflicts between
the great powers serve little purpose. ...
In great power competition, foreign policy can often play second fiddle
to domestic policy. ... reforms at home will really determine the course
of the competition between the two powers. "