The chinese economy is currently in the begining stages of dealing with a collapse worse then our subprime disaster.
Their going to be out of play as a major power for decades.
From what I can tell, most of China's recent actions are aimed at consolidating their economic and political power in preparation for a long-winter scenario. Deposing the billionaires, absorbing Hong Kong, forcing all companies to register at the HK stock exchange, using the BRI to shore up their cash flow for a few decades, and all the rest. They know that they are going to crash, so the political elites are ensuring that they themselves will remain in power, and in order to make that happen they are trying to make their economy resilient even at the cost of it's value. That is to say, they need it to stay stable enough that there aren't rebellions everywhere, they don't care if people starve. They are also removing political rivals within the country ahead of time. This may be why they took such harsh action against the Muslims and Hong Kong, despite international pressure. It's also why a lot of Chinese students overseas are in a state of semi-exile, sent abroad by their families in order to avoid political issues at home.
The move to push themselves back towards economic isolationist Communism (AKA pre-Nixson era China) is a response to the obvious trend of the world to no longer need them, and of China itself becoming ever more unstable as it became more capitalistic.
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