Exactly. The entire foundation of the IT industry was built upon the support of the US government. Even supposedly civilian agencies like NASA designs and tests for the US military, primarily the air force. It is quite apparent if one goes to an US aviation museum. Space shuttle missions carried out
parallel to civilian ones, some of which are now declassified. It's funny when the US accuses China's space agency of having PLA ties as if that is something out of the ordinary.
US has a successful model for developing marketable technologies but misleads the masses not in the industry. They make it sound like it's all the work of private enterprise when much of the foundational research weren't done by them. SpaceX wouldn't be possible at the current scale in any other nation at the time of its founding as they relied on the infrastructure/systems built by the US government. It poached ambitious talents from NASA and ULA, launch pads were build during the space race, initial grants and contracts were all government provided. The spirit of innovation and private enterprise is very important but the government also plays an essential role in this ecosystem. Government does the tasks that are not immediately profitable and is able to provide stable funding to long term projects without major cut backs during times of crisis, private enterprise are better at efficiency. Many nations get trapped at middle income because they aren't able to sustainably increase productivity, much of which are the result of stable long term R&D.
As long as China maintains a dual model of market forces and government support I think long term growth would be possible and stable. The military and civilian integration effort in China is a positive initiative for long term innovation and economic vitality.