Western corporations optimise for share price. The way to do that is by pulling strings at the government level to block your competitors and by getting nice tax breaks; not by having the best product for the consumer.

China and Chinese companies still want to shake off the "China means bad quality" image, so they actually want to make a great product at a good price for the consumer. To-the-moon share price growth doesn't happen by giving your customers a good deal.

Also the CCP doesn't want corporations forgetting who calls the shots, so there is some internal pressure keeping things less "frothy" than Western markets (where most governments are running scared of the big global corps).