There's an effort at diversification. Right now, apparently, Sino-European exports are about equal to Sino-US exports. It's not just the Americans buying cheap Chinese junk (though if you keep on buying it, it can't really be junk, can it?).
https://www.cia.gov/library/publicat...k/geos/ch.html
Exports - partners:
US 21%, Hong Kong 16%, Japan 9.5%, South Korea 4.6%, Germany 4.2% (2006)
Though HK is to some degree a middleman in the Chinese export engine...