I don't think China has any influence on the global economy. As we all know, China has not yet escaped the middle-income trap. The Chinese economy has been growing rapidly in the past 10 years because many multinational companies have set up factories in China to take advantage of cheap labor. But when the trade war between the US and China took place, companies tried to move factories out of China to other countries like Vietnam, India and Mexico. As a result, China's economy will be in a deep recession and they have to create jobs for their 1.4 billion people.
The trade war is proof that China is a great economic power challenging America, the superpower. Many bilateral trade deficits against China. This proves that China is a major economic power in the World. Besides that, as a matter of fact, China indeed dominates world trade and funding. One Belt One Road is colonialism 5.0 which is carried by China throughout the World.
The middle-income trap not only benefits developed countries but also developing countries. China would be happier if China and the partner country OBOR in the middle-income trap. Even China is keeping China and its partner countries as developing countries rather than developed countries. Because this is more profitable. With the title as a developing country, many importing countries will provide preferential tariffs so that the prices of their products are competitive in many developed countries.
Besides that China and many OBOR partner countries China already bears the title of developed countries not developing countries anymore because, at the end of February 2020, the US Trade Representative Office (USTR) crossed China and 23 other countries from the list of developing countries that automatically now hold the status of developed countries.
There is indeed a capital flight from China, even now the United States is building India like America is building China to contemplate the power of China in Asia, but the shift in the world's manufacturing centers will not really hit China, with reason. With BRI, the China project is not only domestically but in many countries which are OBOR's Chinese partners. Brillian's China strategy keeps Renmimbi spinning in China so China can print as much money as possible but the dollar enters China.