As far as I see, CCP leadership may actually prefer Trump's reelection and believes that post election he would quickly pivot away from the confrontation while maintaining relative isolation of US from its long term allies plus he is a known quantity and his term oversaw a period of increasing influence for China as seen in China and this trend is expected to continue if he stays in power. Biden administration is not expected to significantly improve relations and has potential to make life more difficult with better international alliances. That is the gist of what is said often.