Yea, it’s the subsidies. The government of China funds questionably profitable companies such that they can sell their products at what would be a loss by any other company, undermining the values of competition in Europe/States.
What does China get out of it? Chinese products distributed globally running Chinese software and sensors which are beholden to the whims of the Chinese Government. They also get to weaken the economies of the target countries.
The United States does similar things with intelligence, but citizens of that country can at least condemn, research, and publish findings against it’s own government. What can a Chinese citizen do? Very little except obey.
The United States is also massively flawed when it comes to competition but at least there are theoretical methods for the citizens of that country to change things. If they can destroy the corporate plutocracy currently strangling democracy.