Not OP. Also not saying it doesn't happen, but the incentive structures are different in both countries. A lot of private industry in China is defacto government owned due how business works there - You can't build a business there to scale without having ingratiated yourself to some higher ups of the party at some level. While the same thing may or may not happen in the US, we also have the option of being able to grow obscenely large without being tight knit with the government - See Facebook and a large chunk of Silicon Valley.
It's commonly touted that the purpose of forcing foreign companies to submit their IP to a Chinese owned branch as a prerequisite to conducting business in China is so the government can exfiltrate foreign IP back to China. The government isn't in the business of building out all these industries themselves - they anoint some select chosen in their cabal who profits enormously from getting the blessing of their local party members, while sending generous kickbacks their way. There's some Chinese billionaire who talks about it on YouTube - I can't recall his name off the top of my head.
It's commonly touted that the purpose of forcing foreign companies to submit their IP to a Chinese owned branch as a prerequisite to conducting business in China is so the government can exfiltrate foreign IP back to China. The government isn't in the business of building out all these industries themselves - they anoint some select chosen in their cabal who profits enormously from getting the blessing of their local party members, while sending generous kickbacks their way. There's some Chinese billionaire who talks about it on YouTube - I can't recall his name off the top of my head.