Rant incoming... but do share your views, too.
To me this seems a bit of a pointless exercise to be honest. By supporting the Tokyo Olympics China is hoping to coax Japan into supporting the Beijing Games in return, but that doesn't guarantee the US (and the rest of the Quad and Anglosphere for that matter) won't boycott anyway, because since when is the US beholden to anybody's wishes, least of all Japan's?
Frankly what's also pointless is pouring billions into hosting the Games in the current global climate across the political, economic and health spectrums. There's no national pride to be had anymore when even your own citizens are clamouring for the Games to be cancelled already.
China shouldn't even bother with the Winter Olympics either. Since the whole thing has already been politicised anyway, so why endure the eventual embarrassment of playing against absent opponents and winning by default? The smart play would be to postpone the Winter Olympics indefinitely by citing hazards of imported cases (assuming the pandemic persists into Feb, which it very likely will) and then just cancel the thing altogether, as a responsible host should *wink*. Either China cancels it or the IOC does, it makes no difference in the end and it saves everybody the trouble.
China no longer needs the Olympics to feel special, nor does she need to deal with a bunch of cry babies who are never about the "Olympic spirit" to begin with. Just let other countries host the Games all they want, then China gets to come in and grab the golds on their own turf.