Very worthy question. I'm not holding my breath, but I hope that Republicans push on this issue as well. Right now he's basically flooding the zone with EOs, but his hands off approach to China is noticeable.
I think the most likely answer is as simple as that he doesn't give a shit. There's like a handful of things maybe that he actually cares about, most of which are personal. It's likely as simple as the fact that trying to deal with China is difficult, there are not easy solutions, and there's nothing really in it for him personally. He doesn't actually have any particular values on China vs the West or freedom vs. Communism. So he doesn't care, he has nothing much to gain, and there's nothing easy to do, so screw it.
Or, it could also be as simple as the Chinese have bought him off with $10B or something.
There might also be more charitable or strategic reasons, but with Trump it's easiest to assume the most mendacious explanations until proven otherwise.