It is not working.Why would China change their current strategy when it’s appear working. They continue gaining market share and IP from US companies while maintaining the remote possibility of war against the US or US allies in hopes that we continue pouring ungodly sums of money into our war machine while criminally underfunding the needs of Americans and American infrastructure.
We see the world de-globalizing now. Russia and the pandemic broke the camels back. Companies are pulling out of China now, moving labor to more reliable US/European partners in Asia. China has been prohibited from receiving high tech semi-conductors. The US is pulling back from patrolling the trade lanes around Africa, China, and the middle east.
Globalization is coming to an end and now we are transitioning to a world of alliances and power. Nations need to decide which bloc they are going to be in, and the west is no longer playing nice. The western powers are running crash military production and preparing for war.
In a world sliding toward war China finds itself alone.