I was hearing some lib stuff like this on NPR. Essentially, China's development is so robust that they don't have a severe dependence on any single country. However, many countries are dependent on importing Chinese goods (especially the United States).

Because of this, there are no easy ways to counter or subvert or compete with China in many respects. American manufacturing firms simply must bite the bullet and do business with China, or risk annihilation by competing against an ascendant Chinese sector. It reinforces the growing dependency on China. Every ball is falling into their court.

Libs, naturally, look at that situation and say it's bad. It's a world economy that's spinning without Western hands. There aren't many steps left for it to be spinning without Western profits in mind. They are right to point out that it would generally be devastating for America, but they will never commit to the painful work of building any lasting industry or infrastructure at home. American capitalists and politicians don't want to do the work China is doing. It's far easier to carry on in this sadistic decay for them, and they're voicing their fever dreams of booting China out of the world economy in their deranged screeds in media.

edit: you said ELI5, sorry. China has money that it uses for good things. America has money it uses for pothole picture NFTs. American rich people wasted many years doing nothing but play with computers. It will now bite them in the ass, and they want to blame China rather than themselves for the failure.