The Imperial Japanese wanted a war; the USSR did not.
My guess, which is Trump's guess, is that the Communist Chinese don't want a war. One proof of this, by the way, is the Nork's endless "missile tests": numerous shots across the bow but nothing causing damage.
I would add a corollary, that China thinks economic hegemony will get them the global hegemony that they want. That is why Trump is engaged in a low-level economic war. If Trump can keep China distracted having to deal with us and the destabilizing of their currency, then they will be less able to push their agenda in SE Asia, Africa, and Latin America.
China doesn’t want a war with us, that is for sure. They want what they always want: to be the one true power in east Asia, with all the other states paying homage and tribute to them. They also want us to stay the hell out of their backyard.