I like a well crafted conspiracy theory as well as the next guy, but why should I believe this one?
Because if something makes sense, it most often turns out it's true. I'm not saying you should believe this, but it wouldn't hurt to keep your eyes open to anything else comes up that confirms it.
It makes sense. We've bent over backwards so China would finance our debt and so the Saudis would keep the oil flowing. There's a situation where it doesn't make sense that the rebels in Syria haven't been thoroughly defeated if we weren't helping them. To keep all of these initiatives rolling, doesn't it at least seem possible that the CIA would help the Saudis and the Chinese help each other?
If it's true, it's dumb beyond belief to give the Chinese inroads into the Mideast.