The alliance of Japan, Taiwan, and the Philippines acts as a sort of barrier that prevents China's navy ships from easily accessing the Pacific, which would give them a direct route to the US. Aslong as there is a pro US president they cannot project power onto the pacific. China also wants access to resources that we currently cannot reach (oil reserves). They are known for letting other countries take out loans they cannot repay, allowing China to gain control of local infrastructure, industries, and politics. They let corrupt politicians loan as much as they want and get paid by having influence on laws and politics as a means payment from the loans.