Part of me can see it -- China is saber-rattling and trying to join the "Big Boys Club", and the espionage and domestic infiltration of various Western companies and infrastructures is alarming.
On the other hand, the current US administration and various companies want that Chinese moolah or are in Chinese pockets -- they would happily bend over with a tube of lube, ready to get fucked for cash. We're already seeing Chinese influence/bowing in companies like Blizzard affect Western products because they want to appeal to the Chinese market/$.
And, well... China is so fucking arrogant and incompetent it's likely they'd blow themselves up than anyone else, and that reverberates down from the top to the bottom, military and civilian.
I think China's going for a Hail Mary in the long run, and if it fails, they'll collapse completely.