That's an excellent question and one I've been pondering too.
I’ve assumed it’s the other way around. The deep state may pretend not, but ultimately they know who is boss.
I would say "mutually beneficial partnership"
My view, of course.
I think the DS owned China and had made a deal with China to empower them by shoveling America's wealth to them wholesale - since at least the Clinton Admin. DS chief players made themselves multi millionaires in the transaction; DiFi is likely a billionaire.
The Chinese had their own game plan, however; it is not clear how much the DS players realized this - but perhaps got caught up in the greed. Silicon Valley moved their manufacturing operations to China in order to take advantage of near slave labor plus a ready supply of rare earths. Our pharmaceutical industry followed suit... on and on.
Rush Limbaugh has repeatedly pointed out that some of America's entrepreneurs have stated that China has the superior business climate to operate in.
Now Divine Providence, or the fickle finger of fate, has knocked all that into a cocked hat - helped magnificently by Prez Trump.
Again it is my opinion that China thought the transfer of power was complete and the inevitable ascension of HRC to the throne in the WH was just the icing on the cake. BOOM! Donald Trump got elected and started rebalancing the scales. Still, China has one of the most powerful militaries on earth, perhaps the most powerful navy. They were Ace currency manipulators in order to continue to undermine the American dollar. They had Americans hooked on cheap products via Walmart, etc. They were aggressive thieves of American intellectual property, both high tech and low culture.
But Prez Trump is equal to the task; he knew where and how to push pressure points. It appears (to me) that China depended too much in a Hildy victory, perhaps unknowingly. They discovered their economy slipping, especially without currency manipulation. In order to maintain essential access to American consumers they had to make sacrifices, sacrifices that didn't help their struggling economy regain its footing. Undoubtedly true DS traitors - like Jn F'n Kerry - was encouraging them to hold out, that the plan was in place to unseat DJT from the presidency.
Then BOOM! along came CoViD-19. Just how this crisis fits in to the above scenario is yet to be determined; the battle is joined. By the desperate sell out by the DS media, abandoning all honesty and integrity, it would seem that they are worried at the least. AND, of all things, the key players are the American people, not the super rich DS elites. How about that?
Hang on to your hat(s)! :^)