Your post is a great description of matters. "The Chinese government and those with a vested interest in maintaining its power base. . . ."
IMO it's Lenin's New Economic Plan (NEP) at work here, the Chi-com version. The 1920s Russia allowed individual Russians freedom to earn (nepmen). When they started to outperform the Communist system, within hours :>), they were stopped and executed, I believe.
Meanwhile Armand Hammer, et al. set up Bank of the Useful Idiots and Useful Idiots Shipping to accommodate American corporations' lust to transfer wealth to Russia and have a shot at Russia's emerging "middle class."
The Chi-coms did it right, they are the "capitalists."
Something new: the best of both worlds, personal wealth from capitalism and absolute power from Communism.
Something old: useful idiots.