China is pouring 750 MM tons of steel annually, about 10x the US output.
That gives some indication of their potential.
Belt and Road is a clever scheme to sop up some of the surplus capacity and credit to widen China's sphere of influence. Thus far there has been no creative counter from either the US nor anyone else. So we should not bleat when China steps out, they are pursuing their national interests, much as the West has done historically.