It's not just racism. "China will steal our Siberia" has been a boogeyman/talking point in Russia for as long as I remember - so probably even before the USSR collapse.

And you're right. Material conditions matter. So what do the people see? They see China that is growing richer and more powerful with every passing day, while their own conditions worsen. Do you expect the reasoning to be "we should do what they do", or will it be "they're leeching off our wealth and grow fat off our blood"? You know, like Europe was doing for thirty years.