The bigger issue is rising Chinese power
What with so much money going there the increasing economic clout gives them increasing political influence and confidence.
A big concern that I have about China is that it will use this power in ways that I do not like, look at the problems of the Uighur Muslims, recent freedom restrictions in Hong Kong, rhetoric about Taiwan, surveillance of their own population, lack of freedom of speech, ... President Xi Jinping cannot be removed at the ballot box which, IMHO, makes him a dictator of what looks like an increasingly totalitarian state. All of that worries me and I think that we should push back before it gets unstoppable.
I am not saying that Western governments do not have their own problems, our imperial past & some of what the CIA have done is shameful, currently heighligthened black problems but at least I could walk down Whitehall with a placard that said "Bollocks to Boris" without ''disappearing''.
I will not deny a certain amount of preferring 'my lot/friends' to another grouping.
One way of slowing them is to not give them so much money: eg by buying European telecomms kit. It would also benefit employment over here and improve supply chain security. I think that this is part of what is behind the Huawei debacle - although our politicians are coy about saying so.