That might work for a smaller country like South Africa, but China too big for that. China could probably make everything it needs itself, or learn in a decade or two. So it sounds to me like a new iron curtain, leaving both sides poorer and the people caught in the middle suffering from the separation. (And good luck fighting global warming.)
But though there's a lot of pressure to choose your side, I doubt every country will do so. If forced they might choose China?