See what the CFR, specifically Richard Haas, has to say about the CCP. (The CFR is the mouthpiece for Western Globalists).

The Globalists had hoped, over decades, they could rope China in economically to compel them to be docile junior members of the world order, like Canada or Germany for example.

The CCP played the long game, enjoyed the benefits of joining the WTO and other economic deals, but never had a desire to be subordinate to a bunch of Westerners over the long-term.

This became apparent when Xi took power. At that point the Globalists stopped propping up the CCP and realized they had created a Frankenstein that could sweep them aside eventually.

If you read what Haas and CFR writes this is what they are really saying, and it makes sense to me.