The right way to read this isn't that all billionaires can face consquenecs, but that the line that makes sure you don't face consequences is quite a bit different than being a billionaire. You can still have a power center, and impunity, as long as you make sure your misbehavior doesn't embarrass the people with the actual power. Those are smart enough to not do the things they shouldn't in a way that can be made public, and therefore cause said embarrassment.

One can prefer a regime where it's very hard for people who abuse their power to avoid punishment if it's all public to one where the powerful are emboldened enough to be able to be shameless. Even worse when the shamelessness is seen as the purest display of power, and thus people compete in their public misbehavior. But still, understand that the real barrier to punishment in the first case is not to avoid doing bad things, but to make sure that the witnesses either don't exist, or are too scared to say anything.

A judicial system that actually has no sacred cows would be better in all cases, but the sacred cows everywhere do their best to make sure this doesn't happen.

Not very...?

In the west, billionaires are often able to get extremely favorable treatment by the law as an expression of the power money gives. This is not the case in China, in which the party stands at the top.

In practice that's just a difference of incentives that I'm not sure at all is beneficial for anything but an authoritarian regime.