15 years ago I would've agreed. I saw SUVs with obvious BMW inspired styling cues that had manufacturers badges that were conveniently the same place and the same size as the BMW roundel. I saw Starbucks and Pizza Hut look-alikes. I saw the dismay on the barista's face when I ordered a coffee drink instead of tea. They regarded the US with a sense of awe. When I told my Chinese colleagues it was unlikely that the US would lead the way in nuclear power because only China could do it at enough scale to succeed, they were shocked.

Now the Chinese have their own expensive coffee brands. They even have what one could call private equity with Chinese characteristics: private equity in China is strategic, mostly minority stakes, and often behaves like late stage VC.

I'm not making a moral comparison here. The impact of bad PE deals in China is that an often technology oriented pre-IPO company goes bust, whereas in the US your local hospital will close. Make up your own mind which is worse.