IMO we mix up military global hegamony with global conomic hegemony and the probable trajectories of both.
IMO China's objective is to achieve global economic hegemony first first with minimal risk (Marxist principle that economics trumps everything else) and that everything else is merely a means to that end including China's relationship with Russia.
China's main game is to get & maintain the economic timber on the USA and so for it seems to be winning despite Covid or the Russian/Ukraine war.
China passed out the USA in GDP (PPP) and with its current trajectory, it is likely to pass out the USA in GDP (USD) by 2026-27.
Once China reaches this milestone, IMO, its objective then (like the US vs China now) will be to put the economic squeeze on the USA by initially debunking the USD as the reserve currency & then securing its BRI (all countries not in the US camp)
Then & only then, will China take on the USA militarly, IMO.
PS: My book by Kevin Rudd on the topic should arrive later this week
