Communist China's economy "works" because America and the West stupidly prop it up.
I think it’s the other way around - it’s the Chinese that are borrowing the money to US, and giving their goods in exchange for, essentially, promise to be paid back one day.
That statement must be expressed in the past tense to make it completely true. Additionally it should be refined to specify liberal socialist DemoRat politicians (Carter, Clinton, Feinstein, et al) as the Americans primarily responsible, although Republicans also participated. As far as the "West", pretty much they have always hated through envy, the United States, and coddle all those nations that will stick a finger in America's eye, no surprise there.
In fact, China's economy and economic policy DOES work.
They protect capitalists and availability of resources (for an affordable fee), punish labor, and severely punish refusal to work. Unions in China do exactly the opposite of what they do in the US. Finally they do not parasite the profit to the point that the capitalist looks elsewhere to build his factory.
The Chinese in charge are not stupid, as you assert the Americans and the West are, they have observed communism and how well it works worldwide, and have decided they want to be rich capitalists that don't even have to assume the risk of capitalist investment.
Lastly, who owns who?