It's literally just rebound play to make the old bf (USA) jealous. China in actuality has nothing to offer Europe in terms of consumer base. EU wants to sell goods to high-paying consumers and they will only get it from America, which also is their only viable security cover against Russia.

That's why they're being so coy, they don't want anything to do with China. This happened during Trump 1.0, they flirted with Xi until the Dems came back to power in Washington.