Being widely despised by the Chinese people for corruption and lack of democracy and rule of law, and with economic performance faltering, the communist regime must inevitably emphasize nationalistic themes as a basis of legitimacy. The depiction of foreigners as dangerous and untrustworthy is a long established element of Chinese nationalism.
I do not dispute the USSR considered and planned a nuclear strike on China, I dispute Nixon threatening a US retaliatory strike.
Your analysis of current Chinese communist motivation is highly likely to be spot on. There is little new in the Chicom political playbook.