That's a deep rabbit hole to go down but I never understood... We don't like their way of life, their governing body and way about it, don't like their products and unfair trade practices, don't like their labor practices but..... Their money is just fine. I just don't get it and honestly, fiscally I think they already do own us. Some day we will regret it.
The "China owns all our debt" line is an often repeated phrase but it is not correct. About 1/4 of the US Treasuries issued to buyers are owned by foreign governments. Of those foreign governments, China is not the biggest holder, Japan is. China owns less than 20% of the foreign owned treasuries, so they own ~5% of the issued Treasuries.
The biggest single holder of Treasuries by far, is our own Fed. They own almost 40% of the issued Treasuries. We have literally "printed" money to buy our own debt. This fact deserves its own discussion.