I expect that is true.
I will say, the guy in the interview clearly doesn’t understand the government and economy as he describes it as “capitalism on steroids”.
He may know a bit about Chinese language and culture, but it is clear he knows nothing about the economy.
The Communist Chinese economy is NOTHING of the sort.
Admittedly, it is less like a pure socialist economy than it is a fascist economy where the businesses have some freedom but act at the controlling direction of the government. It is a controlled economy with the direct intervention of the communist government with party members acting as commissars on the boards, and the companies MUST do the bidding of the government.
If the government says it is in their interest to shut a company down, that is what happens.
If the government tells a company to manufacture a product, they must change to that product.
If the government tells them they must sell a product at a given price point, that is they price they sell at.
If the government tells them to acquire another company, that is what will take place.
If the government tells them they must copy a patented product and produce it and sell it and infringe on patents, they do it.
All of this, and they are tied into the Communist government intelligence, banking, and military.
A great book to read on this is “Stealth War” by General Robert Spalding (who was at one point the Joint Chief expert on cyberwarfare during the Obama Administration)
Yes, all very true. One of the things that I noticed over there is that they leave very small business pretty much alone. My wife (who was a small business owner there) told me that the government decided to let small, family owned businesses operate so that the government didn’t have to take care of them. It was strictly an act of practicality more than kindness.