China has historically been the most powerful nation in the world multiple times, but always remained relatively inward looking, while acting as more of a merchant towards the rest of the world. I don't see any reason to think that will substantially change. So the most likely scenario is we end up, and arguably are already in, a truly multipolar world where no individual nation is the hegemon.
I think it will change.
China is currently trying to take control of the whole South China Sea. They’re in a cold war with the Philippines and Vietnam.
Next it will go for Taiwan.
Then either Siberian or Indian territory with the same “these used to be ours” justifications.
At the same time I think will use shadow fleets to take as much fish stocks from around the world as it can.
Not acting yet is not the same as not being expansionist. With all that “we’ll smash your head on the concrete” rhetoric China’s wolf warriors are very clear on where they’re headed.