American and European businesses flocked to Red China in the 1970’s when Nixon opened relations and trade with China.
US politicians bought the lie that the Chinese communists would become like the west as trade would expose them to the benefits of free enterprise. Plus, American and EU businesses thought they would make tons of money by selling goods to the huge Chinese population.
Well, the CCP had other plans. China let western businesses in so China could learn the advanced technology and manufacturing that was in the west. China bought little from the west other than grains and food as it has problems feeding all those people.
Now that China has learned enough to match the west it strong enough to be a threat to the west. Plus, it has got enough dirt, evidence of bribes on western leaders and top business people it can tell them to dance to China’s tune.
The opening to China was justified by the opinion that over the time China will become like the US.
Instead US is becoming like China!