Capitalism is actually a marxist word. Communists and socialist nations still have “businesses”. It’s a matter of degree of how far aligned they are with the state and controlled by it.
Individual property rights and free markets is the better way to think of “capitalism”. Economically it’s defined as private production and distribution. Socialism is gov distribution. Communism is both gov distribution and production.
The author makes a tangential connection to China but it is China that is the very root of the problem. If a manufacturer fails to move his manufacturing to China to bring his price points down, he loses business to his competitor who has already gone to China.
If a distributor of goods fails to import cheaper goods from China he loses sales and market share to his competitor who imports from China.
Hence, we have a race to the bottom. This has very little to do with noble motivations to do good even as one does well, rather, the noble sediments are dredged up to rationalize profit motive, or rather profit necessity. The same analysis can be applied to immigration and cheap labor.
It is pointless to argue that the executive who does business in China is greedy or unpatriotic, our system is so rigged that he must do so or be removed. The solution is to fix the system.

Good point.