At the very least, they're allies of convenience. I really can't make heads or tails of their true relationship though:

The globalists have enabled the rise of the CCP and continue to enable them, but what's their contigency plan for when China no longer has use for them? As things currently stand, the rest of the world could stand up to China if not for the globalists...but once China pulls far enough ahead, that changes. Even if Xi is a globalist sock puppet, China is too ideologically nationalistic now to remain subordinate indefinitely. If they become the premier world power, the globalists could end up subservient or dead...which I doubt they want, after working for over a century to enslave literally the entire world.