The Chinese have alternatives to American services. Europeans could have too if we wanted.
China has goods and services, but don't underestimate the language barrier for services. Language is a barrier between EU member nations providing each other services, even though machine translation is OK between those languages and most of us learned one of the other nation's languages in school; The gap between Chinese and Latin-Germanic languages is much larger.
I'd give an example, but every time I have previously shown an example of machine translated Chinese to demonstrate that AI is bad at translating English into Chinese, the responses miss the point of the example — criticising the translation whose very errors are meant to demonstrate how bad current AI is.
Unless you have a magic lamp, “wanting” is not enough to achieve effective change.
What Europeans need is pragmatic governments and politicians. In fact it might be easier to find a magic lamp than an honest politician.