Understand that the Chinese government and people don't work like rational humans. They are motivated by "face", ego and have had a national inferiority complex for decades (if not centuries). The CCP is all and any questions, dissent or discussion is stamped out immediately.
They will never cancel the Olympics, they would run the event even if the Chinese are the only ones there and crow about how much stronger, smarter and more able they are and decry the racist, weakling and corrupt other countries that refused or were unable to attend.
They lie, cheat, steal on a governmental level, things like contracts and copyrights and law mean nothing to them, unless they are being wielded in their own favor and then anyone who dares stand up to them with their own tactics and aggression become mortal enemies. By virtue of their size, resources, availability of cheap/free/slave labour, they have become a world economic powerhouse and the entire world is guilty of letting them get away with it. Cheap electronics, clothes and goods have meant the deaths of millions in camps and factories. They have built a road network of highways and freeways, and trains that put basically every other country on the planet to shame. It's admirable on one level, but even their own elites are not safe. There have been many who prospered under the system, and those who are also party members are going to do fine. Those few who got rich while outside the party, are in for a rough ride, as the CCP reasserts itself over them. Look at how some of their largest companies have been targeted in the past year.
Look at the Huawei thing. She gets picked up, they jail two of ours and put them on a sham trial. Deal cooked, they let her go, and within hours they are released "for medical reasons". Even a Trumper can see the ridiculousness of this. Every now and then there's generational softening of the CCP and just as often, they snap back to complete dictatorship. They are childish bullies with nuclear weapons and and massive economic arsenal. If the rest of the world doesn't get their shit together, they are never going to change.