This has been the thinking of the global community for the past few decades, i.e. bring China into the world economy, trade with them, and it will lead to increased prosperity for the people who will then demand more freedom and China will liberalize and hopefully become democratic.
But thus far it hasn't happened. Instead, the very opposite has happened where we have only seen China become more authoritarian. Now maybe that is a short-term aberration and longer-term, we'll see it reverse. But that could be multiple decades for all we know. For the time being, what we have done is to seriously strengthen economically and militarily a very sizable threat.