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 east
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.
When you become on top, you NEED to get involved.
Does not matter whether you want to or not.
Making money without getting involved won't work.