From the Global Times in China:
Wolves have a complex image in China. On one hand, many Chinese find them scary, which is why there are numerous stories about wolves harming people and other animals in traditional Chinese culture. On the other hand, Chinese also respect these animals because they are seen as being “courageous” and “tough.”
According to the thesis paper Study on the Culture of the Wolf in China by Ma Jianzhang, Yang Guotao and Ma Yiqing, nomadic tribes in North China and Northwest China had great respect for wolves because they needed to fight against the harsh environment of the regions just like the tribes did. Fear of wolves was mainly prevalent in the central parts of China, since the farmers in these regions saw these animals as enemies that were a direct threat to their livestock.