It's less true in the modern world, but traditionally, "The US" doesn't run any kind of business. It's like the anecdote where Gorbachev saw a supermarket and asked which government official was in charge of making sure it was stocked.

The US runs hardly any businesses… and yet it clearly matters to China if the business is Chinese regarding if you get to run a social media company locally…

It still matters.

China and the US are converging to a disturbing (to me at least) degree, in the sense that the big-player companies are intertwined with the national government; the US is kind of in denial about that.

"converging"

It's not like that hasn't already been a part of history for a long time.

More or less just depends on your POV.

I do think that how it works from nation to nation is very different.