China is also an authoritarian regime that does not care about laws if a company doesn't play ball. They will just be shut down. This doesn't sound like a good market to put all your trust into.
China is in debt because the government wants to be in debt. They have to be to have population control. If there were no debt their population would have already busted.
The oligarchs who rule China don't use Chinese currency. So they are not impacted by debt levels. China also doesn't promote their currency internationally as a means of keeping domestic purchasing power low.
If you threaten China they will reverse these decisions and actually try to compete for quality of life. That's where western civilization as we know it ends. That's where the American empire falls and the Chinese empire rises.
This would require political revolution. The system is set up and dependent on a complex net of patronage among the elites. Competing for quality of life would mean taking their chips. People don't like it when you take their chips.
This might have been possible to do peacefully before Xi. But he's shown the cost of the competition is high. If you come in second place, you don't get another shot in five or ten years. You lose the chance of a lifetime, and will likely see yourself and your family persecuted by the state.
In modern day, American companies have more to gain in China than they have to lose in the USA. The market they are chasing is 3 times larger than the US and the only "regulation" in sight is basically bribing local government.
Don't be surprised if the companies you boycott simply move operations to China and cut ties with the US.
China devalues its domestic currency on purpose so that oligarchs use the stronger American dollar as a vehicle. Once the companies move to China they can strengthen their domestic currency, shed the dollar, and then Americans will be making Ipads in factories with suicide nets and China will be sipping Starbucks wearing inexpensive "Made in USA" Apple watches