Actually, the "at worst" scenario is vastly worse.

There are some precedents for where this will go.

https://www.csis.org/analysis/corruption-flows-along-chinas-belt-and-road

The Chinese have no moral standard for how they operate. That said, the US and the West have also not been entirely moral examples, but at least when western liberal democracies do wrong or are not living up to some decency standard, we have access to transparency and know about it and pressure for change can be brought.