That is a half-truth. China is 100% guilty of everything they are accused of, and more. That's not proaganda.
But yes, we've given them too much money and allowed their fetid mass of government to be a threat. There is propaganda sold to the west by our own oligarchs, with the notion that by allowing them to exploit the cheap labor market of China, we would all be uplifted into the intellectual and cultural elite. Obviously that doesn't work, toilets need cleaning too. However by our having invested so much money into China, rather than dominating them and cracking them open, we instead started to get infected with their rot, and yes, they now have the power to be dangerous to our oligarchs. That doesn't change the equation any, they need to be shut down.
Of course we do also need to shut our oligarchs down too.