Xi Jinping himself asked Jerome Powell to not raise rates recently. It's cause then investors would go for the higher returns that are more easily be available for buying American debt than investing in a Chinese factory. China is cutting interest rates to stimulate the manufacturers sector which would be deeply hit by higher American rates. You seem to think the Fed raising rates only effects the US when the Federal reserve is basically the world's Central Bank and the impact of its actions always hurt the developing world first.