As one who has been directly involved with Chinese companies buying western companies my take is this.
They are not buying companies so much as they are buying talent. You will not find anything designed or engineered by Chinese talent that hasn’t been ripped off from a western company. Any big shop in China is run by expat French, German, English, or Americans. Their students can learn to recite advanced calculus and engineering skills but the second something outside of the box is required the entire line shuts down. The mindset of the average Chinese is to NEVER question the person above you. If some obstacle is in your way you stop and wait for someone above you to fix it. And it goes all the way up the chain to some central planner in Beijing. A westerner will be given the authority to make on the fly decisions and no one else.
I tend to agree with you.
Another point to consider is this — Chinese acquisitions are more defensive for wealthy families and wealthy businessmen.
Rich Chinese people moving their money out of China before the crash!
The Chinese invest more of their money in T-bills and real estate (this is why homes in Santa Monica, San Francisco and New York are out of reach for most Americans), but they are increasing their investments in our companies and technologies.
The main thing that is different and potentially dangerous about the Chinese is the degree their investments are controlled/influenced by the Chinese military, government and general nationalism of the country. They have been buying some of our politicians (Hello Hillary!)
THIS is what we have to be vigilant about.