The bond interest rate concern is bogus.

The interest rates may rise, but they are bound to rise from almost nothing to something sooner or later anyway.

I doubt that foreigners could/would stop buying U.S. treasury bonds and cause rates to rise significantly beyond said "something" for a meaningful duration.

The system is rigged and rigid enough to prevent that.

The Federal Reserve bank already keeps the interest rates close to zero with its policies, and it can continue with this racket.

The foreign powers such as the PRC cannot simply cut off this kind of capital stream without serious repercussions.
Capital export = goods and services export + transfers.

The Chinese lend USD to the USA so the very same USD can be used to purchase the Chinese export surplus with the USA.
They may stop to lend USD to the U.S.government, but it would need to still lend USD to some Americans, or else they couldn't pay the net imports with them. And it's not important whether the Chinese lend the money to the US gov directly or through some intermediates. In the end, the Chinese can only maintain their trade (and thus their industry, employment, postponing of social conflicts et cetera) if they keep lending.