Two points:
1) China basically begins everything with belligerence, even if masked out of necessity.
2) If "rearranging supply chains" includes job losses of significant numbers (say 100,000,000 or so), the PLA may well have major internal commitments before considering, let alone executing, acts outside of China's boundaries.
(Like Tienanmen Square times a few hundred thousand???)
One way to divert attention away from domestic problems is to create an external threat. The Dems accuse Trump of that. The mullahs in Iran have been doing it for years.
Xi has no problem squashing dissent and the means to do it. Contrary to what Bloomberg thinks, the Chinese leadership is not accountable to the people.
The Chinese have been clever in using soft power. Their Belt and Road initiative (BRI) is ensnaring country after country. The PRC’s military is not pissing away blood and treasure on endless wars. They are stealing IP and forcing technology transfers as the price for access to their markets. Look how they coopted Hollywood, the NBA, and US colleges.
Occasionally, the world sees the real face of China like in Hong Kong, Tibet, or the Uyghurs.