US exports are 2% of China GDP. It is likely to have higher GDP growth than US this year, while the US has shortages of things it cannot quickly replace. LNG, agriculture, aeroplances are easy to replace for China. Humiliating US has more value, than figuring out what they can boost 2% of GDP on.
China debt to GDP is pretty low. If they wanted to shift manufacturing around, to boost gdp, it could be towards weapons :(