The elites want to create a world with no borders (for them), where they are basically global citizens unrestricted by normal laws and ethics. They desire a large underclass (they need workers), only a very small middle class (they do need a few working professionals), and an upper class made up of themselves and their fellow elites. An elite class who, by virtue of their obvious superiority, have absolute control over the lesser classes.
Over the decades, the elites have already done great damage to traditional Western Civilization. The introduction of centralized banking & fiat currency is one example. Destroying traditional Western education is another. Current attempts to restrict Free Speech and Free Press (in the guise of stopping "misinformation" or protecting "vulnerable" groups) comes straight out of the elites desire to control the lesser classes, as does their desires to eliminate the Second Amendment, and to greatly restrict parental rights. Their antagonism to traditional ideas of religion, patriotism, nationality, gender roles, sexuality, and marriage is very much a part of their attempts to overcome traditional Western Civilization.
The Deep State, made up of powerful bureaucrats and career politicians, along with their corporate allies, have sold out to and work for the Elites, as have the mainstream media and academia at at levels. They also find themselves in much ideological agreement with the Chinese Communist Party (CCP), and greatly admire the CCP's near absolute control over the Chinese people, both in China and abroad.
Power Elite is a term first used in the 1950s by the American sociologist C. Wright Mills to describe a loose-knit group of government, military, and corporate leaders who are the center of wealth and power in the USA, and therefore tend to dominate American political policies.
Over the decades, the USA Power Elite have increasingly cooperated with the Power Elite from other Western Nations to push a globalist, technocratic agenda. Since at least the 1990s, China has used their money and access to their vast markets to exert influence over the Power Elite, a situation made even easier by the Power Elites' admiration for the Chinese system of highly centralized, authoritarian control. The type of control they want to implement in the USA and throughout the world.