China needs us more than we need them. All this hubbub is aimed at their internal audience, the Chinese people. The Mao quote, "The Working Class must exercise leadership in all fields of endeavor," is displayed on public projects and often repeated by government operatives. But workers and dictators alike know these are only words. Chinese workers are kept in their place by jobs and money.
COVID-19 has weakened China. Since it is a dictatorship, news of unrest is suppressed. But, based on their response to Pelosi's visit, it must dun deep. Based on the intelligence gleaned from their military games, they are not that much of a threat. They know that, if they launched a military strike against America, half of their troops would have to have their guns pointed inward, like they are in Russia.