During WTO ascension, the West strategy is not wrong either -- forcing China to open up the market so that Western industrialized product destroy local companies. Something like how the West destroyed the post USSR industrial system.
The strategies work at the first phase.
Incidentally, there was massive layoff in many SOE, and many bankruptcies. Many SOEs was sold to the white man. Even Huawei was nearly sold to Motorola. The opening up of China resulted to massive trojan horse such as Ali and Lenovo, all controlled by white man in one way or another -- that still harm China till today.
Long Yongtu the WTO negotiator was labeled a traitor and has lost power since.
However, the West under-estimate the ability of Chinese to upgrade their industrial system. Using the opportunities to buy western equipment and software as well as partial opening up of West to China, China renew her industries quickly.
Without the intelligence and diligent of Chinese people, the WTO will render China to be Ukraine 2.0.