It is probably a naive point of view that I hold (I haven't thought it through properly) but the western capitalist version is that investors providing money to do dumping of prices is ok (as long as you are not considered a monopoly) and the Chinese state sponsored capitalism is considered dumping as it goes against the agreed WTO rules for how international trade is supposed to work. The western capitalist governments (probably with a lot of lobbying support) wrote the WTO rules. Not trying to defend either way, but it seems to be different economic and political systems trying to gain dominance over each other.

That side of it is understandable, albeit open to interpretation. I can see how both sides justify their own choices in the short term.

But we hear this "dumping" argument quite often for seemingly arbitrary purposes. Is it "dumping" to sell cheap STM-32 clones when Arm LTD. won't let you buy a license? Is it "dumping" to sell $20,000 EVs to a nation that can barely build $30,000 EVs with federal and state subsidies? In many respects, China's cheap stuff is just better-suited to the global economy than America's high-margin products. If both countries are leveraging federal protectionism to promote and develop their products, it doesn't feel like State Owned Enterprises are on unfair footing compared to SpaceX or OpenAI.