Isn't the US basically the same? The US government gives massive subsidies, tax breaks or just has the military buy components for 10x the price (to offset commercial loses and R&D).
And creates regulatory capture for the rest, e.g. healthcare and big pharma ($4T a year), both of which too charge nontrivial multiples of what the rest of the world pays.
Not really. The American system of graft is more transparent. If there's a subsidy, there's a record of it. Tax breaks are public, tho there can be creative ways of couching them so they aren't obvious. Military expenditures are (with some very big exceptions) public record. And a US business under most circumstances can say "I'm not selling below cost".
None of this is really true of the Chinese system.