It is pretty clear what the US Government stance is on China. There is no more reason to do business in China. They've grown, will outgrow you and seek any opportunity to throw you out. If you don't appease them then they will boycott and regulate you out. If you take a neutral stance, they will make sure you die a slow death with regulation after regulation. Soon enough they will require that you use Xinjiang cotton and if you don't take it then it means you are against it.
Its not worth partnering up with local companies when it is required. Your progenitors screwed up by investing in China thinking that it would turn into a democracy. The people had appetite for it, but, like Myanmar, the government does not want to lose their way and will "crush" anyone who opposes them.
Move your asses out of there before the shooting war. War is inevitable over Taiwan. Taiwan will not negotiate in anyway to be part of China. Taiwan seeks for every country in the world to recognize its independence. India and Japan's land conflict with China will certainly broil over if that is not resolved when they militarily attack Taiwan. Philippines and many other Asian countries have land conflicts with China.
If you ask me, an Asian war is brewing with China being the aggressor to take lands it sees as being its own. Why build a large army without using it? This is all the reason alone to get the hell out and move to other countries that have hunger and thirst for business opportunities.
War will change the world and roil business and lots of businesses will die in the process. You've already witnessed what a virus can do. There is good reason other than inflation for why cryptocurrency, gold and any physical asset really are good hedges vs real estate/bonds/stocks.