China hasn't done at least one coup in every country in South America, nor did they put literal nazis into positions of power in South American governments.
That was all entirely altruistic? Then it must be coincidental that it sounds exactly like the infrastructure the Brits built in India (minus the 5G), whose sole purpose was wealth extraction.
It is weird that that policy is the one mentioned.
China could easily argue about the Roosevelt Corollary or other American foreign policies and that would be understandable. It just sounds weird that the foreign policy that China is actively arguing against is the one about foreign countries colonizing previously liberated countries in the Americas.