The real issue is there is a risk that economically speaking America is less free than China. For all that what China does with intellectual property is illegal under American law, it is very free. The US would for sure like them to be a little less free with IP. America's policies over interest rates also look decidedly like the sort of thing that a centrally planned economy would try and execute; it handicaps building savings which might give China an advantage if they are more middle-class-savings-tolerant.
That is balanced by the strictly superior American rule of law, for all its warts. But America has given themselves some interesting competitive handicaps.
POSTSCRIPT https://en.wikipedia.org/wiki/List_of_countries_by_tax_reven... For reference, China has a ratio of 4:1 private to public income vs America with a 2.6:1 ratio. Technically, China might be running a smaller government. Or lying, it is hard to know.
POSTPOSTSCRIPT Hong Kong and Taiwan are nearly 9:1. Capitalist paradise is in Asia. Nothing lower down the list looks appealing to me.