The "entire free world" (aka 'The West') is not as big in population, and has nowhere near the manufacturing capacity as China alone.
There is a meme around which shows 'The world as the West sees it" which contains just one-eighth of the World's population. Called 'The Golden Billion' by some. The other seven-eighths of the World's population has bad memories of the shit they have received from the "entire free world" over the last several hundred years. And if you look closely, you'll find that they are the ones who refuse to join the West in sanctions on Russia, and are the ones queueing up to join the BRICS, SCO, and other 'non-Western' alliances.
We're coming to the end of a very long era: The Era where Western Nations were the Masters of the World. It's lasted several centuries, but the World is about to revert to the setup before about 1600 where the two powerhouses of the world are India and China as they had been for several thousand years before then.
We in the West are going to have to get used to that.