China actually started the derisking process even earlier than the west. OBOR and dual circulation are some of the derisking process. Trump appearance in the US politics just speed things up.

China currently is in the most dangerous and painful transition time. Popping the property bubble like China did is courageous but also dangerous. The fact that the pain from the burst is still ongoing show that it is not easy to reform and that China still haven't managed to arrest the bottom yet. Of course, it is necessary to do that no matter how painful the process will be. I suspect more pain will come, when China restructuring the economy from export reliance economy to domestic consumption, from low skilled labors to high tech manufacturing, there will be probably a lot of job loses. That dedollarization process is also very tricky.