"Letting them get near" is not exactly putting it in correct terms. Yes such a talking point was part of the sales pitch, but one should by now know the difference between the words and actions in politics.
Western elites sent all their jobs and factories to China, and the Chinese were smart enough to accept it on the condition of technology transfer.
The West itself taught China everything it knows about manufacturing. Everything was delivered to them on a silver platter. There is no other way to put it but treason on a civilizational scale, but it made some of our elites insanely rich, so they made it happen. The result is we already live in a Chinese world, but it will be years before the dust settles and the West wakes up to look around, and the people at fault will be long dead by then.
Coming back to the OP, yes there still was an actual letting them get near strategy available, even after all the outsourcing had happened. The West still had tech lead in three key areas - semiconductors, aerospace, and biotech. All the West had to do was to keep the lead and not fuck it up. The Chinese were happy to buy this stuff from us. Because in the end, they also want to sell to us, and trade needs to be mostly balanced out, otherwise someone is giving away their stuff for free. Money you earn but never spend is not worth the paper it's printed on.
But then the West went and fucked it up. The US, having designated China their enemy number one, and starting all sorts of trade wars, proved to them beyond any doubt, already by Trump's last term, that they would have to be self-sufficient in everything. Now Trump is flailing around like a windmill, but the Chinese are prepared, and Trump has no leverage anymore. China is about to close the gap.
But once the gap has closed - what will the West have left to sell to China? To anyone? Because anything the West can make, the Chinese are about to make better and cheaper. But if you have nothing to sell, you have no money to buy anything, either. The West will end up poor, backwards, and isolated. Like it used to be.