This to me is a big question. the current trajectory of Europe is one where they are going to just give America all of their industries while they become impoverished. It seems to me a good time for China to come in (maybe in a couple of months when situation just get really bad there). Bring someone important, but not Xi. Say that you want to mend your relationship with EU and that you want to partners and that you want to invest in Europe. Announce some plans to build factories outside of Hungary. Buy some airbus planes, eurocopter helicopters, sign nuclear reactor with EPR and some other large JVs. Say that Chinese tourism is coming back and welcome Europeans to visit China.
The thing is that covid has really killed China's reputation in these countries. Now that people are focused and angry on the effects of the Russian sanctions and the economic issues, this is a good time to heal things. On top of that, if you have more chinese tourists europe and vise versa, it's just harder for China to get demonized.
exactly China is doing what you want. LOOK at the FDI numbers. entire German industries heavily involved with mainland's local firms. recently BASF largest ever plant outside Germany and might shift entire base in mainland. Zeiss second R and D center in Suzhou after Shanghai. entire German automobile basically doing their main work in China. a lot TOT happened and happening.
same with Airbus. China also squeezed Italian tech firms in past decade.
along with USA, China will get their share too.