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Agree it is arguable whether China has won the trade war but what I mean by that is that they are demonstrating you can be excluded from the wests system, you can be sanctioned from SWIFT and yet China can provide you with both markets for your exports and supply of manufactured goods sufficient to sustain your economy ~ in fact sufficient to still wage war on allies of the west!
This creates the reality now where any nation that might face sanctions - say the Saudis, has and can consider China as an alternative trading solution complete with payments rails and associated nations. Saudis and others have recently joined BRICS.
China is building an alternative trade network alliance and it is the size and broad of its productive economy that makes this possible- to that extent I contend they have 'won' the trade war and are thus credibly positioned to challenge western imperialism.
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It was the portal via which the west imposed its hegemony and it can be the portal via which China reverse engineers that hegemony. It is via Hong Kong that China provides USD liquidity indirectly to partners like Russia and Iran. It is via Hong Kong that China is building alternative trade payments protocols. There is only one credible challenger to US hegemony and it is China. Russia and Iran are already attached to Chinas empire. All nations are reliant upon China for access to its manufactured goods and commodity buying. It has already won the trade war- what logically follows is control of trade protocols and logistics. That is where Belt and Road is the infrastructure from roads and rail and ports to tertiary level services such as payments.