Exactly, they don't have jurisdiction outside their borders. If you don't have a presence there, they cannot subject you to their laws.

1. When is the last time you saw China enforcing its laws outside their borders? Why would EU be any different?

2. China has laws that are directly contradictory to GDPR laws; you may be required to retain data regardless of consent; if your website is based in China you have to follow local laws first before you follow contradictory foreign laws that have no jurisdiction over you.