Your first sentence is a good description of China today, but it does not describe the US. The control of the state was more blatant during the Gilded Age, but it has not changed significantly since then. Whenever the US government finds that something would be better for the American people, like universal health care, our ruling class squashes it.

China recently executed a billionaire who broke the law. The US would never do that.

We can agree to disagree here. We do agree that the rich have way too much power.