To be quite fair, US is not a very good place to do business with, too much law and regulation you have to play with FTC or DOL or just about any three letter agency. China don't have that much rule down to how to own a company, as long as you are willing to play ball with the Chinese government, that is the reason why a lot of US enterprise move out of US and prefer to set up shop in China.
In a pure business perspective, I am more willing to squeeze a few palm instead of jumping thru countless of government hoop, because it always easier that way. You do business in China, not living in it, I don't care how my business run as long as it made money for me. I don't care whether or not my employee has 401K or work culture (ie crunch culture) any labor contract or anything of the sort or even their personal freedom, all that does not concern me as a boss.
On the other hand, I will say Elon Musk has completely lost his marble, just look at how he treated Twitter and you will understand why, China can have him, and I am more than welcome if he leaves the US and move to China, but then would he? That's a big question..