Except it is since Chinese companies take US tech and flood the market with cheaper shittier versions.

Fixed it for you. The west barely even makes industrial products. At best western companies assembles parts ordered from China, or designs them but has them produced in china (obviously the factory manufacturing your designs will find out what the design is!)

On top of that, in many cases, western companies in china are literally signing explicit technology transfer contracts to work in china.

Even when the Chinese steal western designs (a fear that is completely overblown and mostly just corporate propaganda against market competitors), that is actually a good thing because IP is a plague upon humanity.

Even Intel had a bunch of there stuff stolen.

That’s good news.