And while PRC "makes moves" around the South China Sea & Taiwan, it also knows that it risks losing stability in its long supply chains. So PRC announces, but pays attention to trade, thus, peace.
I don't see any economic leverage used by China; instead, such leverage lies more with those countries from which China's supply chains originate. Particularly with food. China's supply chains are THE longest on the planet -- 6,000-8000 miles long, depending -- so even more at risk of disruption than are those of any other nation, such that shortages and famines can easily happen in China when any ONE section is disrupted; 2 or more supply chains disrupted would multiply the effects on China. Add to those the effects if/when U.S. sanctions China. Which is close to what Biden did when he moved American chip tech folks out of China and back home.
So this "empire" rhetoric doesn't line up with how China needs stabile trade with the West just to hold steady, nevermind grow.
The example of Canada and the U.S. is actually and example of THE best and safest two countries that have intra- and intercontinental trade, with relatively short supply chains. According to climate scientists and geopoliticial experts, Canada and the U.S. will suffer the least on planet Earth even when the globe is hit with the worst of climate effects. These facts contribute to why the big increase in Chinese and international visa overstayers to this continent and northern EU.
(This Empire talk... I really wish we didn't have posts that impute evil motives through lingo; othewise we're no better than our politic opponents or corporate hypesters. )