It is more than "racism and notions of white supremacy", EU and China are both exporting and manufacturing powers. China recently moved into exporting the high value manufacturing products like cars which are a large part of the EUs economy making both blocks rivals.
The Chinese government is using state subsidies to tip the balance further in the favour of Chinese manufacturers. This is just one example from one industry, this pattern is repeated by China across the board. The government is well within its rights to do this but the EU is equally well within its rights to protect its own economy from a form of trade war. It is incredibly reductive to just play the racism card while ignoring the real issues.