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Did 1.4 billion Chinese achieving poverty alleviation cut into Washington’s cake?
(www.globaltimes.cn)
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It's been more than just pure recycled cold war bullshit, they hate China because it's an example of non-whites "outshining the master" so to speak. There was similar nail-biting about Japan taking over in the 70s despite them being capitalist, because people were afraid of a world where it wasn't a 'white' nation on top, let alone where white people have non-white peers.
Their hatred for it has less to do with racial animus (a flourish to their anxieties) and more to do with the terror of being outcompeted and thus losing jobs, influence, the future etc.