As the world increasingly pulls away from the USA, there is more room for someone to step in and fill the void. I'm not saying that this will always be China, but it does open the door for them.
This is the strategy that the CCP is gunning for. I believe this has been their strategy for at least the last 20 years. They have fingers in the governments of almost every government on Earth, so at given time,
some of their manipulation schemes are going to bear fruit. They seem to be doing well increasing their influence in Africa, and the South Pacific in addition to Canada.
After the situation in Iran, the CCP has stepped up their efforts to influence Vietnam.
The European Union, I'm not sure about. There are a lot of moving parts. I think Europe as a whole is more focused on Russia and Ukraine (and reasonably so). China is indirectly involved because they are propping up Russia or maybe setting up Russia for a betrayal...probably both.
Australia, the Philippines, India, and Japan are standing up to the CCP more than they have in the past. The CCP's influence in Latin America was based largely on Venezuela and Cuba. Maybe they will pivot to other countries, maybe they want.
I don't think the CCP is on the verge of collapse but the last six months have been bad for their long-term goals.
The economic and political mismanagement of the CCP has created institutional problems decades in the making that are compounding.
The one-child policy still is producing a bunch of negative consequences.
COVID is still producing a bunch of negative consequence.
The systemic corruption's legacy of "tofu dreg construction" is getting harder to hide. It's got spillover effects in their military industrial complex and China is heading towards a real estate market collapse.
China has an interesting debt bubble. At first glance, the national government looks pretty solvent, but the province governments have huge debts. It'd be like if the US reduced the Federal deficit by quietly transferring the debts to the 50 states. Most of the provincial governments in China rely on real estate leases to get a large part of their revenue. If the predicted real estate collapse happens, a lot of municipal bonds will be in default.