If China become a peer only in Asia, that mean it wouldn't dominate the middle east, let alone the world. To which the US is still going to play a dominant role in the middle eastNot when the US is no longer dominant and China becomes a peer and the strongest actor in Asia.
We are maybe 10-15 years away now from this scenario.
Terrorist entity knows the score and so is trying to get rid of the Palestinians from West Bank and Gaza as if somehow that will make their stay anything but temporary, just like the Crusader States were as well.
Also, China don't care about stuff like this, they care about consolidate their own power and making money, if there are no money to be made, they probably are not going to be interested on it. Just look at how MH interpret the situation and you know how the typical Chinese think.