Since the economies of the world are now so intertwined, doing so could trigger a domino effect of uncertain impacts to many other countries, particularly those emerging under or, principally driven by China’s commerce with them. What if suppressing them allows India to rise? Or worse.
But the answer to your second question is yes, it is a threat. I would suggest that China is not a fan of the world order as we’ve known it for the last 50-70 years. It might be fair to say they are not alone in this opinion.