Yes, of course, but is that really new? History reminds us of the great empires of this world:
https://en.wikipedia.org/wiki/List_of_largest_empires
https://en.wikipedia.org/wiki/Parable_of_the_broken_window
https://en.wikipedia.org/wiki/Uneconomic_growth
Systems, beliefs, traditions and mentalities may differ, but in the end, the ruling and wealthy groups, clans, or corporations in any part of the world show(ed) a very similar behaviour, while caritative, aid, rescue and relief organisations and the solidarity of the populations were/are expected to repair the traumas and damages of wars, destruction and disasters with little means and often dangerous conditions for their employees and volunteers.
And there are also differences regarding what's called the democracy index:
https://en.wikipedia.org/wiki/Democracy_Index
About business and "economy":
https://www.salon.com/2015/05/12/the_psychology_of_greed_3_attitudes_that_explain_the_worst_behaviors_of_the_1_percent_partner/
https://mises.org/library/plunder-or-enterprise-worlds-choice
https://www.globalresearch.ca/corporate-crimes-and-the-plunder-of-planet-earth/5469781
https://www.thebalance.com/oligarchy-countries-list-who-s-involved-and-history-3305590
https://www.cnbc.com/id/48916099
https://www.therichest.com/rich-list/the-worlds-5-most-poweful-oligarchies/
Examples:
https://www.devex.com/news/opinion-global-shadow-financial-system-enables-the-plunder-of-the-world-s-oceans-and-seas-90325
https://www.theguardian.com/world/2015/mar/22/the-global-extraction-industry-has-become-hallmarked-by-plundering-violence-and-political-corruption
Conclusion?
All the powerful nations can be considered as oligarchies or plutocracies, basing on some form of capitalism, and China is second, right behind the USA.
Is it "state capitalism" or a form of state capitalism? It looks much like it, as the state is, in most of the cases, controlled by the wealthiest.
https://en.wikipedia.org/wiki/State_capitalism