In 1969, the Chinese and Soviets fought a short border war, this led to a split between the two and have become enemies ever since. That led to the famous Ping-pong diplomacy in 1971 in Japan and Nixon's China visit in '72. One of the American table tennis players made a sappy speech that sounded like vasudhaiva kutumbakam, and that became famous. Then the Americans lifted the Korean War sanctions and that followed with the opening up of China in 1974. Kissinger led the charge, which is why he's famous.
So the West spent all of Cold War giving them money and technology, and after the Cold War, they continued giving them technology and money, and then after that they let them into the WTO and gave them a frig load of civilian technology and way more money, practically sold themselves to the Chinese, until Trump was like, "WHAT THE F&CK!!!"
Basically, the West collectively removed their brains before talking to China in 1972. After figuring out that they were basically victims of the greatest scam in human history, that lasted 40 years, still continues for some, they are coming to terms with it. Now, after creating a second superpower, their next great plan is to rely on India.