This explains what has been going on for the last two years.
It is similar to giving you a free printer because then you have to buy the toner from me and it is extremely expensive. China had the Belt and Road initiative, loaned a tremendous amount of money to other nations all with the plan to have monopolies in all these countries.
However, the pandemic caused a worldwide shutdown (and by coincidence this was from a virus made in a bioweapons lab with research funded by the US). That shutdown crushed the economies of all these countries that were leveraged to the hilt with China. Then the US goes to Ukraine talking a big game of Ukraine joining NATO forcing Russia to invade. That invasion led to a shutdown of grain exports. The resulting inflation is tough on Europe and the US but catastrophic to the developing nations which are seeing greater than 100% inflation. The US helps Ukraine with high tech weapons and intelligence forcing the war into a stalemate. Then the US blows up the gas pipeline from Russia (with the help of the UK). The result of this is that fertilizer from Russia gets cut off from the rest of the world, there is a shortage of gas, and there is a shortage of grain. True, this is bad for the US, and Europe. It doesn't hurt Russia too bad. But it is catastrophic to all the countries that China sold the Belt and Road initiative to. Their economies grind to a halt, inflation is through the roof, and they have no way to pay off those loans. As a result China's banks and real estate market collapse.
Now coincidentally we have had 120+ food processing plants burn up in the US. This could be retaliation from China or it could be an attempt to cause inflation in the US forcing interest rates to rise in the US, and if you do that it affects every other country in the whole world.
So then what is China doing? They support Russia going into Ukraine to get evidence of US bioweapons labs and research. They want to accuse the US of war crimes, but they will use Russia as a proxy. They also want to replace the world's reserve currency (the US dollar) with their own currency. That is BRICS. If they do this then US interest rates won't matter to the rest of the world.
But they will never be able to do that as long as the US is a superpower. If you want to be the champ you have to defeat the champ. They will attack the US and the UK in the very near future. Before Thanksgiving, maybe even this next week.