The Chinese have always had a grievance against any foreign power doing anything other than bowing before their superiority. It dates to the Qin dynasty. Whenever they have been overrun - and they have been overrun often - it is always a humiliation against the celestial order because only the Han are human. If Western powers followed the conventions of the Chinese, "Europe" would be called "Armenia."
I'd say that's an outdated characterization that we could tell ourselves. They've been building more of everything for the world for quite some time now, and they don't just box and ship it. Much of China looks like the US 10 years from now and they know it. They have also been traveling the world.
So "dominates global trade" is "who has the lowest prices" in this case? The entire problem China faces is they can no longer afford to undercut prices. That is a story as old as time itself - China flourishes as they spread largesse to trading partners, and declines the minute they decide they don't owe their trading partners anything. It is literally the end of every dynasty in Chinese history.